Category: Economy

  • MIL-OSI: FAVO Capital Files Form S-1 Registration Statement as It Advances Toward Nasdaq Uplisting

    Source: GlobeNewswire (MIL-OSI)

    FORT LAUDERDALE, Fla. , Feb. 14, 2025 (GLOBE NEWSWIRE) — via IBN — FAVO Capital, Inc. (OTC: FAVO), a private credit firm providing alternative financing solutions to small and medium-sized businesses (SMBs), today announced that it has filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) in connection with its planned uplisting to the Nasdaq Capital Market.

    This filing marks a significant milestone in FAVO Capital’s strategy to expand its market presence, increase liquidity, and broaden access to institutional investors. The uplisting is expected to enhance the company’s ability to scale its funding operations and strengthen its balance sheet as it continues to deliver innovative private credit solutions to SMBs.

    “Filing our S-1 is a key step in our journey toward Nasdaq,” said Shaun Quin, President of FAVO Capital. “This transition represents our commitment to transparency, financial discipline, and long-term value creation. Uplisting will allow us to expand our investor base and accelerate growth as we continue serving small and medium-sized businesses with flexible financing solutions.”

    Use of IPO Proceeds

    FAVO Capital intends to use proceeds from the offering to strengthen its balance sheet, reduce high-cost debt, and support strategic growth initiatives. By lowering borrowing costs and improving capital efficiency, the company aims to accelerate profitability, enhance liquidity, and expand its market presence while continuing to invest in technology-driven underwriting and operational scalability.

    “Our strategy is focused on sustainable long-term growth,” said Glen Steward, Chief Strategy Officer of FAVO Capital. “We have built a strong foundation and positioned the company for scalability. With our IPO proceeds, we plan to optimize our financial structure while continuing to expand our market reach, gain significant market share, and grow our syndication partnerships.”

    Growth Strategy & Market Positioning

    FAVO Capital specializes in private credit solutions, including the purchase of future receipts, lines of credit, and asset-backed loans. Since its inception, the company has syndicated over $1 billion in capital and supported more than 20,000 businesses. Its technology-driven focus, continued development of its proprietary customer service relationship (CRM) platform, and core funding model, provide a competitive advantage in the rapidly growing alternative lending sector.

    “This filing is a testament to the company’s growth and implementation to date,” said Vincent Napolitano, CEO of FAVO Capital. “I am proud of what the team has achieved. Our long-term financial roadmap prioritizes debt reduction, operational efficiency, and expanding our footprint as a leader in private credit. This uplisting is a major step forward in our commitment to delivering shareholder value.”

    The number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market conditions, SEC review, and approval of Favo Capital’s listing application by Nasdaq.

    This press release does not constitute an offer of any securities for sale.

    For further updates and investor information, visit www.favocapital.com.

    About FAVO Capital, Inc.

    FAVO Capital, Inc. (OTC: FAVO) is a private credit firm specializing in alternative financing solutions for small and medium-sized businesses (SMBs) across the United States. Since its inception, FAVO Capital has syndicated over $1 billion in funding and supported more than 20,000 businesses. FAVO Capital is committed to financial transparency, sustainable growth, and empowering SMBs with flexible funding solutions. Headquartered in Fort Lauderdale, FL, the company also has operations in New York and the Dominican Republic. For more information, visit www.favocapital.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, projections, estimates, and expectations regarding future trends, financial performance, and operational strategies. Forward-looking statements are often identified by words such as “expects,” “anticipates,” “intends,” “believes,” “plans,” “seeks,” “estimates,” “may,” “will,” “should,” or similar expressions.

    These statements are based on the company’s current beliefs, expectations, and assumptions and are subject to significant risks, uncertainties, and changes in circumstances that could cause actual results to differ materially from those expressed or implied. Factors that may cause such differences include, but are not limited to, market conditions, regulatory developments, competition, economic conditions, and the company’s ability to execute its business strategy.

    Actual results may differ materially from those anticipated, and investors are cautioned not to place undue reliance on these forward-looking statements. The company undertakes no obligation to update or revise any forward-looking statements to reflect events, circumstances, or changes in expectations after the date of this press release, except as required by law.

    Company Contact:
    FAVO Capital, Inc.
    4300 N University Drive
    D-105
    Lauderhill, FL 33351

    Investor Relations:
    Scott McGowan
    InvestorBrandNetwork (IBN)
    Phone: 310.299.1717
    ir@favocapital.com

    The MIL Network

  • MIL-OSI: Franklin Electric Announces Execution of Definitive Agreement for the Acquisition of Barnes de Colombia

    Source: GlobeNewswire (MIL-OSI)

    FORT WAYNE, Ind., Feb. 14, 2025 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. (NASDAQ: FELE) Fort Wayne, Indiana, USA-based Franklin has signed a definitive agreement to acquire Barnes de Colombia S.A., a leading manufacturer and distributor of industrial and commercial pumps based in Cota, Cundinamarca, Colombia. This acquisition aligns with Franklin Electric’s long-term growth and diversification goals, providing significant opportunities for expansion in Latin America.

    Barnes de Colombia, also operating under the WDM brand in certain countries including the US, is headquartered near Bogotá, Colombia. It has two manufacturing facilities and over eight stocking locations in Colombia, as well as assembly facilities in Mexico, Brazil, and Argentina, and local warehouses in Guatemala, Panama, Ecuador, Peru, and Chile.

    The acquisition enhances Franklin Electric’s product portfolio and market presence in key Latin American regions. Barnes de Colombia’s strong market position in Colombia and established operations in Mexico, Argentina, Brazil, and other Latin American countries is expected to help accelerate Franklin´s growth in the region. This acquisition supports Franklin Electric’s strategic goals of diversifying its product line and enhancing supply chain resilience while leveraging Barnes de Colombia’s robust distribution network and customer relationships.

    “We are thrilled to welcome Barnes de Colombia to the Franklin Electric family,” said Joe Ruzynski, CEO of Franklin Electric. “This acquisition not only strengthens our presence in the high-growth Latin American markets but also enhances our ability to serve our customers with an expanded portfolio of innovative and high-quality products. Barnes’ approximately 400 team members and manufacturing and foundry capabilities will enhance our operating footprint materially and we are excited for these new team members and operations to contribute meaningfully to our growth and success. Together, we will continue to rely on our Key Factors for Success – quality, availability, service, innovation and cost – to deliver outstanding value to our customers.”

    The acquisition is subject to customary closing conditions, including Colombian antitrust clearance. Franklin Electric expects the acquisition to close on or about March 1, 2025.

    Seale & Associates provided investment banking services to Barnes de Colombia and its owners in connection with the acquisition. Garrigues (Colombia and Mexico) provided legal counsel to Franklin Electric, and Brigard Urrutia provided legal counsel to Barnes de Colombia.

    About Franklin Electric
    Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers worldwide in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be recognized in Newsweek’s lists of America’s Most Responsible Companies 2024, Most Trustworthy Companies 2024, and Greenest Companies 2025; Best Places to Work in Indiana 2024; and America’s Climate Leaders 2024 by USA Today.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

    Contact:        
    Jeff Taylor        
    Franklin Electric Co., Inc.
    260.824.2900

    The MIL Network

  • MIL-OSI: Fintech Startup Infini Integrates Crypto to Transform Traditional Banking

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 14, 2025 (GLOBE NEWSWIRE) — Infini is redefining the fintech landscape by seamlessly integrating crypto solutions into traditional banking. With a vision to empower users through secure, intuitive, and innovative financial services, Infini is revolutionizing how individuals engage with digital assets.

    Bridging Web2 and Web3: The Genesis of Infini

    Founded in 2024 by a team of financial experts and tech innovators—Crypto Whale Christian Li and Tech Lead Ryan Sun—Infini was created to make financial empowerment accessible to all. Headquartered in Hong Kong, the company has secured financial licensing and compliance partnerships, ensuring a seamless experience for users worldwide who seek to bridge Web2 and Web3.

    Infini’s core mission is to introduce yield-generating opportunities to traditional finance users, enabling seamless crypto payments and earnings while lowering barriers to entry.

    Rapid Growth and Expanding Ecosystem

    Since its inception, Infini has experienced exponential growth. In just six months, the platform has achieved a remarkable 500% Compound Monthly Growth Rate (CMGR) in Monthly Active Users (MAUs). This success stems from Infini’s user-first approach, cutting-edge technology, and comprehensive financial tools tailored for payments, investments, and wealth management.

    Unlocking the Power of Crypto for Everyday Use

    Infini enables users to leverage their crypto holdings for real-world transactions. Through strategic partnerships with leading payment gateways, users can seamlessly deposit and withdraw stablecoins (USDT/USDC) into their Infini accounts. Whether shopping online or making in-store purchases, Infini facilitates instant crypto-to-fiat conversions, ensuring frictionless global accessibility without reliance on traditional banking infrastructures.

    Infini Earn: Smart Investment Opportunities

    Infini Earn allows users to generate yield on their account balances through an optimized delta-neutral strategy, offering an average return of 10% APY. By providing a secure and accessible way to earn passive income, Infini bridges the gap between traditional finance and crypto, empowering individuals to take full control of their wealth without intermediaries.

    Introducing the Infini Card: A Crypto-Enabled Debit Solution

    A standout feature of Infini is the Infini Card, a Visa/Mastercard-enabled prepaid debit card linked to Infini Earn and the broader payment ecosystem. This card allows users to spend their stablecoin balances at global merchants, just like a traditional debit card.

    How It Works:

    1. Simple Application: Users can sign up at Infini’s platform by providing basic personal information, paying a one-time activation fee, and depositing stablecoins.
    2. Instant Access: The card is ready for use immediately. Spending limits can be increased through Know Your Customer (KYC) verification.

    Key Benefits:

    • Earn While You Spend: Infini balances continue to generate yield even as users make purchases.
    • Secure & Compliant: Custodial security and anti-money laundering (AML) compliance are ensured by Cobo, an ISO 27001-certified partner.
    • No Barriers to Entry: Users can start with as little as $1, making crypto earnings accessible to retail investors without complex learning curves.
    • Global Acceptance: Accepted worldwide at Visa and Mastercard merchants, including Apple Pay and Google Pay integrations.
    • Instant Crypto-to-Fiat Conversion: Transactions are seamlessly converted at the point of sale, providing a frictionless payment experience.

    A User-Centric Approach to Fintech Innovation

    Infini continuously evolves its platform based on user feedback, refining transaction speeds, security measures, and support services. A dedicated customer support team is available via email and live chat, offering personalized assistance for transactions, account management, and investment insights.

    As fintech and crypto landscapes rapidly evolve, Infini is at the forefront, delivering integrated, user-friendly financial solutions. Whether you are a seasoned crypto enthusiast or a newcomer exploring digital assets, Infini provides a seamless platform that blends the reliability of traditional finance with the innovation of crypto.

    Contact Information:
    Company: Infini
    Address: Hong Kong
    Email: contact@infini.money
    X: https://x.com/0xinfini
    Contact Person: Valerio Li

    The MIL Network

  • MIL-OSI: OTC Markets Group Welcomes Lake Ridge Bancorp, Inc. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 14, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Lake Ridge Bancorp, Inc. (OTCQX: LRBI), the holding company for Lake Ridge Bank, has qualified to trade on the OTCQX® Best Market.

    Lake Ridge Bancorp, Inc. begins trading today on OTCQX under the symbol “LRBI.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Graduating to the OTCQX Market marks an important milestone for community banks in the U.S. public markets. The OTCQX Market enables banks to maximize the value of being a public company by providing transparent trading and easy access to company information for shareholders. To qualify for OTCQX, community banks must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.  

    “We are so pleased to transition our stock trading activity to the OTC Markets Group Inc. With approximately 1,400 shareholders, we believe this is an appropriate step in providing our owners greater liquidity options as we continue to focus on long term shareholder value,” says Jim Tubbs, CEO of Lake Ridge Bank.

    About Lake Ridge Bancorp, Inc.
    Lake Ridge Bancorp, Inc. is the parent company of Lake Ridge Bank, which offers a full range of business and personal financial services, including business, real estate, agricultural, and consumer lending; crop insurance; wealth management and financial advisory services. With roots dating back to 1897, the bank is headquartered in Monona, Wisconsin with operations throughout southern Wisconsin. Lake Ridge Bank has approximately $3.0 billion in total assets and is the sixth largest bank in Wisconsin.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network

  • MIL-OSI: 180 Degree Capital Corp. Issues Q4 2024 Shareholder Letter

    Source: GlobeNewswire (MIL-OSI)

    Montclair, NJ, Feb. 14, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) today issued the following Q4 2024 Shareholder Letter:

    Fellow Shareholders,

    We are incredibly proud of our recent announcement of the signing of a definitive agreement for 180 Degree Capital Corp. (“180 Degree Capital”) to enter into a business combination (the “Business Combination”) with Mount Logan Capital Inc. (“Mount Logan”). For those of you who have not had a chance to listen to our joint call with the team from Mount Logan or review the presentation deck that summarizes the proposed transaction, both can be found at https://ir.180degreecapital.com/ir-calendar/detail/2908/180-degree-capital-and-mount-logan-capital-proposed-merger. We expect to file a registration statement and joint proxy statement/prospectus with the Securities and Exchange Commission (the “SEC”) soon. This document will give us the opportunity to speak with our shareholders more extensively about the proposed Business Combination and the process that led to our Board’s unanimous approval of this strategically important transaction.

    This proposed transaction is not the end of 180 Degree Capital. We believe it is the logical next step in our evolution. It is also an opportunity that is not afforded commonly to closed-end funds, particularly since we believe most have limited differentiation. We believe there are clear reasons why 180 Degree Capital has this truly unique opportunity to combine with an asset manager and to transition to an operating company. We will get to those below, but first, I want to touch on why we believe Mount Logan is a proverbial “diamond in the rough.”

    Mount Logan has the following attributes that we believe will provide value to 180 Degree Capital shareholders:

    • Mount Logan has what we believe to be an outstanding management team comprised of its CEO, Ted Goldthorpe, its Co-Presidents, Matthias Ederer and Henry Wang, and its CFO, Nikita Klassen;
    • Mount Logan’s asset management platform has approximately $2.4+ billion of assets under management (as of September 30, 2024) that we believe generates predictable fee revenue that can be used to benefit the growth of the combined company and its shareholders;
    • Mount Logan has operational leverage and unique investment access through its association with BC Partners, a leading global private equity and credit firm;
    • Mount Logan is focused on what we believe is the fast-growing market of private credit;
    • We believe that Mount Logan remains undiscovered by the majority of investors due to it being listed on the Cboe Canada exchange rather than a US national exchange; and
    • We believe Mount Logan is significantly undervalued by public market investors.

    For 35 years, I have been a value investor attempting to uncover great companies that I believe are trading below their intrinsic value. As we spent more time with Ted and his colleagues over the past six months, it became abundantly clear to us that 1) we believe Mount Logan is one of these great undiscovered and undervalued companies and 2) the combination of our two companies has the potential to unlock substantial value for 180 Degree Capital shareholders by:

    1. Shifting the valuation of our business from one based on net asset value to a valuation based on operating metrics with a foundation of what we believe will be more predictable fee-related revenues attributed to earnings from the management of permanent and semi-permanent capital vehicles. Other similar businesses commonly trade based on multiples of operating metrics rather than discounts to net asset value.
    2. Changing to an asset-light operating company that leverages an association with BC Partners enables economies of scale that are not possible at 180 Degree Capital’s current size; and
    3. Substantially increasing the available capital for us to be able to leverage our relationships with small and microcapitalization public companies, to develop capital structure solutions that seek to unlock value and generate favorable risk-adjusted returns.

    I, as the largest individual shareholder of 180 Degree Capital, and Daniel as a top-ten shareholder, could not be more excited about the future of the combined entity. We believe the proposed Business Combination to be the best opportunity to build value for all shareholders of 180 Degree Capital. We believe strongly in 180 Degree Capital’s future under the leadership of Ted and his colleagues. I have been an investor in the public markets for 35 years, during which investors entrusted me with billions of dollars of capital. We are interested in building true value for shareholders over the short and long term. We believe this combination achieves both of these objectives.

    We are not the only ones who understand the potential for value creation from this Business Combination. Some of our largest shareholders have signed either voting agreements or non-binding indications of support, that when combined with ownership of management and the board, account for approximately 27% of our outstanding shares in the aggregate. We appreciate the time and consideration these shareholders spent to understand the merits of this proposed Business Combination and their support for it.

    While we work toward filing the registration statement and joint proxy statement/prospectus for the proposed Business Combination with the SEC, we thought this would be a good time to reflect on our successes since the start of 180 Degree Capital in 2017. We believe that these successes have enabled us to enter at this next phase of 180 Degree Capital’s evolution and value creation for our fellow shareholders. Here are some of the data points we are proud of and show our contributions since I joined 180 Degree Capital’s predecessor company board of directors in June 2016, when we started 180 Degree Capital at the end of 2016, and the end of last year:

      June 30, 2016 December 31, 2016 December 31, 2024 Change from December 31, 2016
    Day-to-Day Operating Expenses ~$6.0 million ~$6.3 million ~$3.5 million -44%
    % Private Investments 86% 92% <1% -91%
    % Public Investments 14% 8% >99% +91%
    % Cash + Public Securities of NAV 21%1 27% 102% +75%
    Insider Ownership 2.1%2 2.6%2 12.7% +10.1%

    1. Net of $5,000,000 in debt on balance sheet as of June 30, 2016.
    2. Excludes restricted stock subject to forfeiture provisions. The equity compensation program was terminated in March 2017 in conjunction with 180 Degree Capital’s transition from a business development company to a registered closed-end fund.

    We slashed expenses, in part by transitioning from a business development company to a registered closed-end fund structure. A collateral impact of this transition was the elimination of our ability to compensate employees through the issuance of options or restricted stock. We didn’t care. It was the right decision for our shareholders. We transitioned the balance sheet. We substantially increased insider ownership through solely open market purchases. As noted previously, no equity was given to the management team or other employees as compensation. No one has bought and held more stock in the open market than me during that time period.

    As the table below shows, we believe our shareholders have benefited from our ability to generate positive returns on our investments since we took over management of 180 Degree Capital. These returns were offset by material declines in the legacy private portfolio that we inherited.

    Public Portfolio
    Contribution to Change in NAV
    (2017-2024)
    Legacy Private Portfolio
    Contribution to Change in NAV
    (2017-2024)
    +$3.13/share -$2.41/share
      TURN Public Portfolio Gross Total (Excluding SMA Carried Interest) TURN Public Portfolio Gross Total (Including SMA Carried Interest) Change in NAV Change in Stock Price Russell Microcap Index Lipper Peer Group Average
    Inception to Date
    Q4 2016 – Q4 2024
    +185.7% +204.5% -33.9% -11.4% +68.5% +81.8%

    Math is math. Our public market investment strategy over the history of 180 Degree Capital outperformed our comparable peers and indices. It is fair to ask why our stock price has not followed. We believe it is largely because of the significant negative impact of the private portfolio that we inherited, and the discounts disproportionately applied to closed-end funds of our size. Hence, I come back to our proposed Business Combination with Mount Logan, and what we believe it can do to potentially unlock value for 180 Degree Capital shareholders when we are no longer constrained by the market dynamics ascribed to closed-end funds.

    We will let our upcoming registration statement and included joint proxy statement/prospectus provide the truth to our shareholders regarding how and why our Board unanimously approved this proposed Business Combination. In the meantime, our work over the prior eight years set up 180 Degree Capital for this next phase of what we believe will be long-term shareholder value creation. We realize our lack of scale has caused our expense ratio to be too high. We believe we have uncovered a unique solution for that and other growth-limiting issues with our proposed Business Combination. Our Board and management team firmly believe that this Business Combination is in the best interest of all of our shareholders. We could not be more excited about the potential for future value creation as a result of combining with Mount Logan, and we look forward to discussing this proposed combination with all of you and prospective future shareholders of the combined entity.

    All the best,

    Kevin M. Rendino
    Chairman and Chief Executive Officer

    About 180 Degree Capital Corp.

    180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 Degree Capital and its holdings can be found on its website at www.180degreecapital.com.

    Press Contact:
    Daniel B. Wolfe
    Robert E. Bigelow
    180 Degree Capital Corp.
    973-746-4500
    ir@180degreecapital.com

    Additional Information and Where to Find It

    In connection with the proposed Business Combination, 180 Degree Capital intends to file with the SEC and mail to its shareholders a proxy statement on Schedule 14A (the “Proxy Statement”), containing a form of WHITE proxy card. In addition, the surviving Delaware corporation, Mount Logan Capital Inc. (“New Mount Logan”) plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will register the exchange of New Mount Logan shares in the Business Combination and include the Proxy Statement and a prospectus of New Mount Logan (the “Prospectus”). The Proxy Statement and the Registration Statement (including the Prospectus) will each contain important information about 180 Degree Capital, Mount Logan, New Mount Logan, the Business Combination and related matters. SHAREHOLDERS OF 180 DEGREE CAPITAL AND MOUNT LOGAN ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS CONTAINED IN THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE APPLICABLE SECURITIES REGULATORY AUTHORITIES AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT 180 DEGREE CAPITAL, MOUNT LOGAN, NEW MOUNT LOGAN, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders may obtain copies of these documents and other documents filed with the applicable securities regulatory authorities free of charge through the website maintained by the SEC at https://www.sec.gov and the website maintained by the Canadian securities regulators at www.sedarplus.ca. Copies of the documents filed by 180 Degree Capital are also available free of charge by accessing 180 Degree Capital’s investor relations website at https://ir.180degreecapital.com.

    Certain Information Concerning the Participants

    180 Degree Capital, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination. Information about 180 Degree Capital’s executive officers and directors is available in 180 Degree Capital’s Annual Report filed on Form N-CSR for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025, and in its proxy statement for the 2024 Annual Meeting of Shareholders (“2024 Annual Meeting”), which was filed with the SEC on March 1, 2024. To the extent holdings by the directors and executive officers of 180 Degree Capital securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at https://www.sec.gov. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the 180 Degree Capital shareholders in connection with the Business Combination will be contained in the Proxy Statement when such document becomes available.

    Mount Logan, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Mount Logan in favor of the approval of the Business Combination. Information about Mount Logan’s executive officers and directors is available in Mount Logan’s annual information form dated March 14, 2024, available on its website at https://mountlogancapital.ca/investor-relations and on SEDAR+ at https://sedarplus.ca. To the extent holdings by the directors and executive officers of Mount Logan securities reported in Mount Logan’s annual information form have changed, such changes have been or will be reflected on insider reports filed on SEDI at https://www.sedi.ca/sedi/. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Mount Logan shareholders in connection with the Business Combination will be contained in the Prospectus included in the Registration Statement when such document becomes available.

    Non-Solicitation

    This letter and the materials accompanying it are not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

    Forward-Looking Statements

    This letter and the materials accompanying it, and oral statements made from time to time by representatives of 180 Degree Capital and Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s and 180 Degree Capital’s current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the Business Combination involving Mount Logan and 180 Degree Capital, including future financial and operating results, Mount Logan’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the Business Combination, and other statements that are not historical facts, including but not limited to future results of operations, projected cash flow and liquidity, business strategy, payment of dividends to shareholders of New Mount Logan, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Mount Logan and 180 Degree Capital shareholder approvals; the risk that Mount Logan or 180 Degree Capital may be unable to obtain governmental and regulatory approvals required for the Business Combination (and the risk that such approvals may result in the imposition of conditions that could adversely affect New Mount Logan or the expected benefits of the Business Combination); the risk that an event, change or other circumstance could give rise to the termination of the Business Combination; the risk that a condition to closing of the Business Combination may not be satisfied; the risk of delays in completing the Business Combination; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the Business Combination may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the Business Combination could have adverse effects on the market price of Mount Logan’s common stock or 180 Degree Capital’s common stock; unexpected costs resulting from the Business Combination; the possibility that competing offers or acquisition proposals will be made; the risk of litigation related to the Business Combination; the risk that the credit ratings of New Mount Logan or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the Business Combination; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Business Combination; competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Mount Logan’s and 180 Degree Capital’s businesses. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which 180 Degree Capital has filed or will file from time to time with the SEC and Mount Logan has filed or will file from time to time on SEDAR+.

    Neither Mount Logan nor 180 Degree Capital undertakes any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The references and link to the website www.180degreecapital.com and mountlogancapital.ca have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release. Neither 180 Degree Capital nor Mount Logan is responsible for the contents of third-party websites.

    The MIL Network

  • MIL-OSI: TC Energy files 2024 annual disclosure documents

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) has today filed with Canadian securities authorities:

    • Audited Consolidated Financial Statements for the year ended Dec. 31, 2024 with related Management’s Discussion and Analysis (Annual Report); and
    • The Company’s Annual Information Form for the year ended Dec. 31, 2024.

    In addition, TC Energy filed its Form 40-F for the year ended Dec. 31, 2024 with the United States Securities and Exchange Commission.

    Copies of the filed documents are available at sedarplus.ca, sec.gov (for the Form 40-F) and in the Investors section of the Company website at tcenergy.com. Shareholders may request a paper copy of the audited Consolidated Financial Statements, free of charge, by calling the Company at 1.800.661.3805.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

    FORWARD-LOOKING INFORMATION
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

    -30-

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403-920-7859 or 800-608-7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403-920-7911 or 800-361-6522

    PDF available: http://ml.globenewswire.com/Resource/Download/6b530914-f2e2-4c16-87d3-1a082b13e600

    The MIL Network

  • MIL-OSI Asia-Pac: Belt-Road professional forum held

    Source: Hong Kong Information Services

    The Belt & Road Cross-Professional Forum took place today to promote Hong Kong’s professional services with the goal of deepening the sector’s collaboration with business communities of Belt & Road countries and the Mainland.

    Secretary for Commerce & Economic Development Algernon Yau emphasised Hong Kong’s role as a super connector as he highlighted the Belt & Road Initiative as being a key pillar in stabilising global economic development amid uncertainties.

    Mr Yau said: “The US government announced plans to impose various kinds of tariffs on its imports, affecting a great many economies, including ours.

    “It is of critical importance for both businesses and governments to adapt and face the challenges.

    “From 2013 to 2022, Hong Kong’s direct investment position in Belt & Road countries tripled to nearly US$120 billion. In around the same period, our merchandise trade with Belt & Road countries surged by about 60%. Hong Kong’s business appeal has been growing, as both a super connector and a super value-adder.”

    Mr Yau encouraged enterprises from the Mainland and Belt & Road countries to set up operations in Hong Kong, leveraging its world-class quality services and complementary support to expand into target markets effectively.

    He also urged Hong Kong enterprises and professional services to partner with Mainland and Belt & Road enterprises to jointly explore new business opportunities through “bringing in and going global” – on one hand partnering with Mainland enterprises to jointly venture into new markets along the Belt & Road, and on the other hand assisting enterprises from Belt & Road countries in tapping the vast Mainland market to promote the prosperous growth of the Belt & Road.

    The forum attracted over 250 participants, with over 30 business leaders sharing the latest business opportunities under the Belt & Road Initiative and showcasing dozens of business cases and potential projects in areas such as finance, law, and innovation and technology.

    MIL OSI Asia Pacific News

  • MIL-OSI United Kingdom: Foster carers celebrated at annual summit

    Source: City of Plymouth

    Local foster carers came together last week to share their views and experiences at Foster for Plymouth’s second annual fostering summit. 

    Foster carers and practitioners at Dartmoor Zoo for the 2025 summit

    Foster for Plymouth is Plymouth City Council’s own fostering service. The summit provides a valuable opportunity for the Council to thank foster carers for their hard work, and also to listen to their feedback about the kinds of improvements that could be made to better support them and the children in their care. 

    More than 20 foster carers and Connected Carers (friends or family approved to care for specific children) attended the event, alongside more than 20 practitioners working in Children’s Services and partner agencies across health and social care.  

    The first fostering summit last year led to the creation of a new package of support for foster carers that included increased financial allowances and more training and support. 

    This year’s summit was held at Dartmoor Zoo who generously donated the event space free of charge. This is part of the zoo’s ongoing support for Foster for Plymouth, which has also included giving all fostering households a free family pass to enjoy a day out at the zoo.  

    Councillor Jemima Laing, Cabinet Member for Children’s Social Care, said: “Our foster carers are simply brilliant and it was fantastic to be able to say a huge thank you to so many of them in person at the summit. It is absolutely inspiring to see their dedication to their role and the passion they have for supporting children and young people in our city. 

    “I’d also like to say a big thank you to the team at Dartmoor Zoo for their ongoing support of Foster for Plymouth, they have been really generous towards our fostering families and it is greatly appreciated.”  

    Councillor Jemima Laing speaking at the 2025 Fostering Summit

    David Haley, Director of Children’s Services at Plymouth City Council, said: “The summit provides us with the opportunity to recognise and value the vital role that foster carers make in the life of a child or young person from Plymouth and to listen to their feedback about the Foster for Plymouth offer and services that they engage with so that we can keep making the offer even better.   

    “This is incredibly important, because it means that we come away with practical ideas about changes that can be made that will not only support the retention and recruitment of foster carers but that will also mean better support for the children and young people in our care.”  

    At the summit, foster carers received an update about the success of the Mockingbird programme. Mockingbird uses an extended family model in the form of ‘constellations’, consisting of a central hub home which supports several satellite homes of other foster carers. The hub home carers are specially recruited for their experience and will help the satellite carers with peer support, social activities and respite care in the form of sleepovers.  

    The first constellation in Plymouth launched in November 2024 and has been hugely beneficial to the fostering families involved. The second constellation is due to launch this summer, so that more carers and children can benefit from family-style support.   

    About fostering  

    To be a foster carer, you need to be over 21 years old, have a spare room and have a genuine interest in supporting the wellbeing of children and young people in care.  

    There are fewer barriers to fostering than many people realise and foster carers receive financial, emotional and practical support to enable them to take on the role.  

    If you’d like to find out more, visit fosterforplymouth.co.uk

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Housing staff to support tenants experiencing domestic abuse

    Source: City of York

    To help support Council tenants who are experiencing domestic abuse, City of York Council’s housing staff will be trained and supported to spot the signs and support victims and survivors.

    As part of the Council’s wider work to tackle or prevent domestic abuse, a new policy was agreed on 5 February which commits the Council to better supporting its tenants and leaseholders as part of its ongoing journey of improvement.

    This policy sits alongside city-wide work to tackle domestic abuse including the latest Valentine’s Day awareness campaign.

    Some 4,000 residents across York are estimated to be currently living with domestic abuse, with a further 16,000 residents having experienced it at some point in their lives.

    Whether it involves ‘love bombing’, coercive control, psychological, financial or emotional abuse, domestic abuse is often carried out at home. With training, staff who visit tenants will be better able to spot the signs. They can then help prevent or tackle it, discreetly signpost tenants to support, and back action to bring perpetrators to account.  

    Councillor Michael Pavlovic, Executive Member for Housing and Safer Communities at City of York Council, said:

    Those experiencing domestic abuse can feel they have nowhere to turn. We are saying you are not alone, you will be believed and we care about you.

    “Domestic abuse is simply not acceptable in our homes. A home should be a safe haven but sadly that is not always the case. Fearing what might happen in it or feeling that you have to leave it to escape abuse, should never be an issue, but all too often it is.

    “I want to reassure tenants that any concerns raised about domestic abuse with us will be met with empathy and an appropriate response. This is part of our commitment to being the best landlord we can as we work hard to improve, and our new policy embeds this approach into all we do.”

    Any York resident concerned about a relationship, whether their own or that of someone they know, please speak to someone you trust, or find advice and support from IDAS, either online or by calling 03000 110 110.

    If domestic abuse puts you at risk of becoming homeless or if you’re being threatened with homelessness, please call 01904 554500 or visit www.york.gov.uk/HousingOptions

    Any Council tenant experiencing or concerned about domestic abuse can contact their Housing Management Officer (HMO) via www.york.gov.uk/OpenHousing or, visit www.york.gov.uk/HousingManagementOfficers or call Housing Services on 01904 551550.

    Support is also available for those causing harm from Foundation’s Positive Choices programme or by calling 01904 557491.

    MIL OSI United Kingdom

  • MIL-OSI USA: NASA Tests Drones to Provide Micrometeorology, Aid in Fire Response

    Source: NASA

    In Aug. 2024, a team of NASA researchers and partners gathered in Missoula, to test new drone-based technology for localized forecasting, or micrometeorology. Researchers attached wind sensors to a drone, NASA’s Alta X quadcopter, aiming to provide precise and sustainable meteorological data to help predict fire behavior.
    Wildfires are increasing in number and severity around the world, including the United States, and wind is a major factor. It leads to unexpected and unpredictable fire growth, public threats, and fire fatalities, making micrometeorology a very effective tool to combat fire.

    The campaign was run by NASA’s FireSense project, focused on addressing challenges in wildland fire management by putting NASA science and technology in the hands of operational agencies.
    “Ensuring that the new technology will be easily adoptable by operational agencies such as the U.S. Forest Service and the National Weather Service was another primary goal of the campaign,” said Jacquelyn Shuman, FireSense project scientist at NASA’s Ames Research Center in California’s Silicon Valley.
    The FireSense team chose the Alta X drone because the U.S. Forest Service already has a fleet of the quadcopters and trained drone pilots, which could make integrating the needed sensors – and the accompanying infrastructure – much easier and more cost-effective for the agency.

    The choice of the two sensors for the drone’s payload was also driven by their adoptability.
    The first, called a radiosonde, measures wind direction and speed, humidity, temperature, and pressure, and is used daily by the National Weather Service. The other sensor, an anemometer, measures wind speed and direction, and is used at weather stations and airports around the world.

    “Anemometers are everywhere, but are usually stationary,” said Robert McSwain, the FireSense uncrewed aerial system (UAS) lead, based at NASA’s Langley Research Center in Hampton, Virginia. “We are taking a sensor type that is already used all over the world, and giving it wings.”

    Robert Mcswain
    FireSense Uncrewed Aerial System (UAS) Lead

    Both sensors create datasets that are already familiar to meteorologists worldwide, which opens up the potential applications of the platform.

    Traditionally, global weather forecasting data is gathered by attaching a radiosonde to a weather balloon and releasing it into the air. This system works well for regional weather forecasts. But the rapidly changing environment of wildland fire requires more recurrent, pinpointed forecasts to accurately predict fire behavior. It’s the perfect niche for a drone.

    “These drones are not meant to replace the weather balloons,” said Jennifer Fowler, FireSense’s project manager at Langley. “The goal is to create a drop-in solution to get more frequent, localized data for wildfires – not to replace all weather forecasting.”

    Jennifer Fowler
    FireSense Project Manager

    Drones can be piloted to keep making measurements over a precise location – an on-site forecaster could fly one every couple of hours as conditions change – and gather timely data to help determine how weather will impact the direction and speed of a fire.
    Fire crews on the ground may need this information to make quick decisions about where to deploy firefighters and resources, draw fire lines, and protect nearby communities.
    A reusable platform, like a drone, also reduces the financial and environmental impact of forecasting flights. 
    “A weather balloon is going to be a one-off, and the attached sensor won’t be recovered,” Fowler said. “The instrumented drone, on the other hand, can be flown repeatedly.”

    Before such technology can be sent out to a fire, it needs to be tested. That’s what the FireSense team did this summer.

    McSwain described the conditions in Missoula as an “alignment of stars” for the research: the complex mountain terrain produces erratic, historically unpredictable winds, and the sparsity of monitoring instruments on the ground makes weather forecasting very difficult. During the three-day campaign, several fires burned nearby, which allowed researchers to test how the drones performed in smokey conditions.
    A drone team out of NASA Langley conducted eight data-collection flights in Missoula. Before each drone flight, student teams from the University of Idaho in Moscow, Idaho, and Salish Kootenai College in Pablo, Montana, launched a weather balloon carrying the same type of radiometer.

    Once those data sets were created, they needed to be transformed into a usable format. Meteorologists are used to the numbers, but incident commanders on an active fire need to see the data in a form that allows them to quickly understand which conditions are changing, and how. That’s where data visualization partners come in. For the Missoula campaign, teams from MITRE, NVIDIA, and Esri joined NASA in the field.

    Measurements from both the balloon and the drone platforms were immediately sent to the on-site data teams. The MITRE team, together with NVIDIA, tested high-resolution artificial intelligence meteorological models, while the Esri team created comprehensive visualizations of flight paths, temperatures, and wind speed and direction. These visual representations of the data make conclusions more immediately apparent to non-meteorologists.

    Development of drone capabilities for fire monitoring didn’t begin in Missoula, and it won’t end there.
    “This campaign leveraged almost a decade of research, development, engineering, and testing,” said McSwain. “We have built up a UAS flight capability that can now be used across NASA.”

    Robert Mcswain
    FireSense Uncrewed Aerial System (UAS) Lead

    The NASA Alta X and its sensor payload will head to Alabama and Florida in spring 2025, incorporating improvements identified in Montana. There, the team will perform another technology demonstration with wildland fire managers from a different region.
    To view more photos from the FireSense campaign visit: https://nasa.gov/firesense
    The FireSense project is led by NASA Headquarters in Washington and sits within the Wildland Fires program, with the project office based at NASA Ames. The goal of FireSense is to transition Earth science and technological capabilities to operational wildland fire management agencies, to address challenges in U.S. wildland fire management before, during, and after a fire. 

    MIL OSI USA News

  • MIL-OSI USA: 2025-26 ATTORNEY GENERAL LOPEZ FILES MULTISTATE LAWSUIT TO STOP ELON MUSK’S UNCONSTITUTIONAL POWER GRAB

    Source: US State of Hawaii

    2025-26 ATTORNEY GENERAL LOPEZ FILES MULTISTATE LAWSUIT TO STOP ELON MUSK’S UNCONSTITUTIONAL POWER GRAB

    Posted on Feb 13, 2025 in Latest Department News, Newsroom

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF THE ATTORNEY GENERAL

    KA ʻOIHANA O KA LOIO KUHINA

     

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    ANNE LOPEZ

    ATTORNEY GENERAL

    LOIO KUHINA

     

    ATTORNEY GENERAL LOPEZ FILES MULTISTATE LAWSUIT TO STOP ELON MUSK’S UNCONSTITUTIONAL POWER GRAB

    News Release 2025-26

    FOR IMMEDIATE RELEASE                                               

    February 13, 2025 

    HONOLULU – Attorney General Anne Lopez, along with 13 other attorneys general, announced the filing of a lawsuit challenging the unlawful delegation of executive power to Elon Musk. The lawsuit argues that President Trump has violated the Appointments Clause of the United States Constitution, which ensures that executive appointments are subject to congressional oversight and Senate confirmation.  

    “The Appointments Clause of the U.S. Constitution is an important safeguard in our system of government,” said Attorney General Lopez. “Granting Musk sweeping powers over the entire federal government without seeking the advice and consent of the Senate is unconstitutional. I joined this lawsuit with my fellow attorneys general because we are the last line of defense to uphold the Constitution and enforce the rule of law.”

    This lawsuit highlights how, with the president’s approval, Musk has unraveled federal agencies, accessed sensitive data, and caused widespread disruption for state and local governments, federal employees, and the American people. 

    “Musk’s seemingly limitless and unchecked power to strip the government of its workforce and eliminate entire departments with the stroke of a pen, or click of a mouse, is unprecedented,” the lawsuit states. “The sweeping authority now vested in a single unelected and unconfirmed individual is antithetical to the nation’s entire constitutional structure.”  

    Defendants’ actions threaten the financial and operational stability of the states by disrupting billions of dollars in federal funding essential for law enforcement, healthcare, education, and other critical services. State agencies depend on federal funds and cooperative agreements, and the termination of these partnerships will result in severe budget shortfalls, staffing crises, and the potential loss of key programs. Similarly, the proposed elimination of the U.S. Department of Education would strip away federal civil rights oversight in schools, leaving states with uncertain legal authority to address discrimination cases involving students with disabilities and enforce Individualized Education Programs (IEPs) and disability protections.  

    Beyond financial and regulatory harms, the reckless expansion of DOGE’s authority endangers cybersecurity and erodes public trust. DOGE operatives have reportedly accessed federal financial databases containing sensitive state tax records and banking information without proper oversight, increasing the risk of cyberattacks, data breaches, and foreign exploitation.  

    The manipulation of federal IT infrastructure by unauthorized individuals threatens not only state financial security but also the integrity of critical national systems. As reports of unauthorized access to Treasury databases emerge, citizens have expressed growing fear that their private financial data is at risk, leading to a chilling effect on participation in state-administered federal programs. The Plaintiff States are now forced to contend with both immediately. 

    Attorney General Lopez seeks a court ruling declaring Musk’s actions unconstitutional as well as an injunction barring him from issuing orders to any person in the Executive Branch outside of DOGE, as well as invalidating his previous actions.  

    Attorney General Lopez is joined in this lawsuit by the attorneys general of Arizona, California, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Mexico, Oregon, Rhode Island, Washington and Vermont.

    The filing can be found here.

    # # # 

    Media contacts:

    Dave Day

    Special Assistant to the Attorney General

    Office: 808-586-1284                                                  

    Email: [email protected]        

    Web: http://ag.hawaii.gov

    Toni Schwartz

    Public Information Officer

    Hawai‘i Department of the Attorney General

    Office: 808-586-1252

    Cell: 808-379-9249

    Email: [email protected] 

    Web: http://ag.hawaii.gov

    MIL OSI USA News

  • MIL-OSI USA: NEWS RELEASE: DHHL Applicants, Lessees Encouraged To Participate In Home Build Program

    Source: US State of Hawaii

    NEWS RELEASE: DHHL Applicants, Lessees Encouraged To Participate In Home Build Program

    Posted on Feb 13, 2025 in Latest Department News, Newsroom

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF HAWAIIAN HOME LANDS

    KA ʻOIHANA ʻĀINA HOʻOPULAPULA HAWAIʻI

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    KALI WATSON

    DIRECTOR

    KA LUNA HOʻOKELE

     

    KATIE L. LAMBERT

    DEPUTY DIRECTOR

    KA HOPE LUNA HOʻOKELE

    DHHL APPLICANTS, LESSEES ENCOURAGED TO PARTICIPATE IN HOME BUILD PROGRAM

    Honolulu Habitat For Humanity Accepting Applications For New Builds, Demolitions

    Lenchanko-Andrade ʻohana celebrates new home in Waimānalo (Courtesy: Osvaldo Olmos)

    FOR IMMEDIATE RELEASE

    February 13, 2025

    HONOLULU – The Department of Hawaiian Home Lands (DHHL) encourages applicants and lessees to participate in Honolulu Habitat for Humanity’s Home Build Program during the organization’s open enrollment period.

    “For our ʻohana who aren’t eligible for a turnkey development, this self-help option gives them the chance to invest sweat equity into their future home,” DHHL Director Kali Watson said. “Organizations like Habitat for Humanity will continue to receive support from DHHL, as they provide families – who may have been previously bypassed – the opportunity to achieve homeownership.”

    Through the Home Build Program, lessees on Oʻahu will work alongside Honolulu Habitat personnel to achieve stability and self-reliance through homeownership. Habitat homebuyers contribute to the program by building their homes alongside volunteers, attending financial education classes, and paying an affordable mortgage.

    “Honolulu Habitat provides housing solutions for families earning between 30% and 80% of Honolulu County’s Area Median Income (AMI),” said Shana Petelo of Honolulu Habitat for Humanity. “We value our longstanding partnership with the Department of Hawaiian Home Lands and the opportunity to help keep Native Hawaiian families in Hawaiʻi for generations to come.”

    Honolulu Habitat for Humanity selects applicants based on four key criteria: access to land, housing need, ability to repay, and willingness to partner.

    “The journey taught us a lot about ourselves, what we needed to do to accomplish this goal, our capabilities, and how to be financially stable,” said DHHL beneficiary, Duke Lenchanko-Andrade.

    The Native American Housing Assistance and Self-Determination Act (NAHASDA) also serves as a vital funding source for the home-building initiatives within the program.

    The Honolulu Habitat Home Build Program will accept applications for its open enrollment period from March 1, 2025 to May 30, 2025.

    Those interested in the Home Build Program can visit Honolulu Habitat for Humanity’s website at www.honoluluhabitat.org for more information. To request an application or to speak to someone by phone, contact 808-777-4138.

    For additional pictures, click here.

    ###

    About the Department of Hawaiian Home Lands:

    The Department of Hawaiian Home Lands carries out Prince Jonah Kūhiō  Kalanianaʻole’s vision of rehabilitating native Hawaiians by returning them to the land. Established by U.S. Congress in 1921 with the passage of the Hawaiian Homes Commission Act, the Hawaiian homesteading program run by DHHL includes the management of more than 200,000 acres of land statewide with the specific purpose of developing and delivering homesteading.

    About Habitat for Humanity:

    Habitat for Humanity is a global nonprofit housing organization working in local communities nationwide and in more than 70 countries worldwide. Seeking to put God’s love into action, Habitat brings people together to build homes, communities, and hope. Our vision is of a world where everyone has a decent place to live. At Habitat, we work to achieve this by building strength, stability, and self-reliance in partnership with people and families in need of a decent and affordable home.

    Media Contact:

    Diamond Badajos

    Information and Community Relations Officer

    Department of Hawaiian Home Lands

    Cell: 808-342-0873

    Email: [email protected]

    MIL OSI USA News

  • MIL-OSI Economics: Thales Alenia Space and ESA sign contract for HydRON to demonstrate first multi-orbit optical communication network

    Source: Thales Group

    Headline: Thales Alenia Space and ESA sign contract for HydRON to demonstrate first multi-orbit optical communication network

    • Thales Alenia Space will develop the world’s first all-optical, multi-orbit optical space communication network
    • ESA’s HydRON project will meet the challenge of bringing connectivity to multiple users to showcase the capabilities of optical communication technology
    • The company will leverage its expertise to contribute to Europe’s technological independence in connectivity services through space.

    Cannes, February 14, 2025 – Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), has signed a contract with the European Space Agency (ESA) for Element #2 of the HydRON (High-thRoughput Optical space Network) Demonstration System (DS) for the design, development, deployment and in-orbit demonstration of a full end-to-end optical system to verify and validate the world’s first all-optical, high-data-rate, multi-orbit transport network in space.

    HydRON is set to transform the way data-collecting satellites communicate, using laser technology that will allow satellites to connect with each other and ground networks much faster.By enabling rapid, high-capacity connections between satellites and ground networks, HydRON will significantly enhance our ability to collect and utilize data from space.

    HydRON optical communication for broadband in space ©ESA

    The project will be conducted with the support of the various space agencies involved in this exciting challenge: the Italian Space Agency (ASI), the German Aerospace Center (DLR), the Polish Space Agency (POLSA), the Romanian Space Agency (ROSA), Enterprise Ireland (EI) and the Swiss Space Agency (SSO). Other agencies are expected to join during the project to expand the mission’s objectives. HydRON forms part of ESA’s Optical and Quantum Communications – ScyLight programme within the Connectivity and Secure Communications directorate.

    “I am really pleased Thales Alenia Space will be contributing to Europe’s technological independence in connectivity services through space,” said Giampiero Di Paolo, Deputy CEO and Senior Vice President, Observation, Exploration and Navigation at Thales Alenia Space. “Thales Alenia Space believes HydRON Demonstration System is the key enabler for the reliability and operability of a high-throughput optical network in space, paving the way for the future of commercial optical communications in Europe and globally.” 

    “It was an honour to sign this contract with Thales Alenia Space, which moves us closer to establishing Europe’s first optical communication network in space,” said Laurent Jaffart, ESA’s Director of Connectivity and Secure Communications. “HydRON is set to maintain Europe and Canada as global leaders in the optical domain. With the system being interoperable, HydRON will ensure we continue to grow ESA’s cooperation with our international partners.”

    Thales Alenia Space’s role in HydRON-DS project

    Thales Alenia Space, with its long track record in telecommunication networks and expertise in the production of optical terminals for space, developed in Zurich, has already coordinated a working group involving Telespazio, a joint venture between Leonardo (67%) and Thales (33%), responsible for the ground segment, and other Italian and European companies for Phase A/B1 of the HydRON-DS project. This work was completed at the end of the 2023.

    Today, Thales Alenia Space in Italy is ready to lead a European industry consortium for building the HydRON-DS Element #2 mission partition, including the space segment (LEO collector satellite and GEO optical payload) and ground segment (two optical ground stations, mission and network control center and satellite control center).

    The project will develop and validate two concepts:

    • Fiber in the Sky: multi-orbit optical telecommunications at high data rates between space and ground assets.
    • Internet beyond the Clouds: innovative onboard routing techniques at high throughput (> 100 Gbps) to build an optical space transport network seamlessly integrated with terrestrial fiber-based networks.

    The project includes up to two years of in-orbit demonstration to assess the capabilities of key technologies for optical communications and concepts of operations for the network architecture. It will also provide a service demonstration for potential demo users.

    About ESA’s Optical and Quantum Communications – ScyLight programme 

    The European Space Agency (ESA) is Europe’s gateway to space, coordinating the financial and intellectual resources of its Member States to conduct space programmes and activities. Part of Advanced Research in Telecommunications Systems (ARTES), the Optical and Quantum Communications – ScyLight programme focuses on advancing optical and quantum technologies to revolutionise satellite communications. ScyLight supports the research, development and utilisation of these technologies, for instance through the HydRON project for seamlessly integrating space assets into terrestrial communication networks. ESA is enabling future quantum communication networks with ultra-secure global connectivity by advancing space-based quantum key distribution and maturing technologies already available today. 

    Through supporting industry to develop and extend its manufacturing capabilities, ScyLight helps prepare European and Canadian industry stakeholders to seize related market opportunities. 

    Learn more at https://connectivity.esa.int/optical-and-quantum-communications 

    ABOUT THALES ALENIA SPACE

    Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources, and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023 and has around 8,600 employees in 8 countries with 16 sites in Europe.

    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on Ujjivan Small Finance Bank Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 10, 2025, imposed a monetary penalty of ₹6.70 lakh (Rupees Six Lakh Seventy Thousand only) on Ujjivan Small Finance Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

    The statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank failed to issue loan agreements to certain borrowers at the time of sanction / disbursement of loans.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2171

    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on The Nainital Bank Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 12, 2025, imposed a monetary penalty of ₹61.40 lakh (Rupees Sixty One Lakh Forty Thousand only) on The Nainital Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Interest Rate on Advances’ and ‘Customer Service in Banks’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

    The statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    1. The bank did not benchmark certain floating rate loans extended to MSMEs to an external benchmark rate; and

    2. The bank levied penal charges for non-maintenance of minimum balance in savings bank accounts at flat rates instead of the charges being directly proportionate to the extent of shortfall.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2172

    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on Shriram Finance Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 10, 2025, imposed a monetary penalty of ₹5.80 lakh (Rupees Five Lakh Eighty Thousand only) on Shriram Finance Limited (the company) for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’, ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’ and directions on ‘Data Format for Furnishing of Credit Information to Credit Information Companies’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934, and Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005

    The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the company’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty:

    1. The company failed to put in place a system of periodic review of risk categorisation of accounts;

    2. The company did not ensure that its agreements with certain Direct Sales Agents had a clause regarding the RBI’s right to inspect books and accounts of service providers; and

    3. The company failed to share information about the Relationship Segment of the corporates to the Credit Information Companies, during the financial year 2022-23.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2173

    MIL OSI Economics

  • MIL-OSI Africa: Africa Finance Corporation and the Export-Import Bank of China (CEXIM) Strengthen Partnership to Drive Trade and Infrastructure Growth Across Africa

    Source: Africa Press Organisation – English (2) – Report:

    BEIJING, China, February 14, 2025/APO Group/ —

    Africa Finance Corporation (AFC) (www.AfricaFC.org), Africa’s leading infrastructure solutions provider, has signed a Memorandum of Understanding (MoU) with the Export-Import Bank of China (CEXIM) to deepen collaboration in financing strategic infrastructure and trade projects across Africa.

    The agreement builds upon an existing relationship between the two institutions, dating back to 2018, and reinforces a shared commitment to accelerating economic development through sustainable investments. To date, AFC has secured a total of US$700 million in financing from CEXIM, including a US$300 million facility in 2018 and another US$400 million loan in 2023. This renewed partnership will focus on financing trade and investment projects in key sectors such as clean energy, transportation, telecommunications, and climate change mitigation, while also facilitating knowledge exchange and collaboration on best practices in project structuring and risk management.

    “Our partnership with CEXIM strengthens Africa’s trade and investment ties with China, creating new pathways for infrastructure development and industrial growth,” said Samaila Zubairu, President & CEO of AFC. “Strategic collaborations like this are key to accelerating Africa’s industrialisation and with CEXIM’s support, we are unlocking opportunities to build more resilient economies, mobilise capital at scale, and drive long-term prosperity across the continent.”

    AFC has been steadily expanding its presence in the Chinese financial markets recently securing an AAA domestic credit rating from China Chengxin International Credit Rating Co. Ltd (CCXI) and an AAAspc issuer credit rating from S&P Ratings (China) Co., Ltd. These ratings demonstrate AFC’s exceptional financial strength, disciplined capital management, and expanding access to diversified funding. AFC also finalised a US$1.16 billion syndicated loan last year, co-led by the Bank of China and the Industrial and Commercial Bank of China (ICBC) London Branch.

    This collaboration underscores AFC and CEXIM’s mutual goal of fostering economic integration and sustainable development across Africa. Through this partnership, the two institutions will work together to mobilise funding for high-impact projects, enhance trade finance solutions, and support private sector growth across the continent.

    MIL OSI Africa

  • MIL-OSI Asia-Pac: CE meets Chief Executive of Macao SAR (with photos/video)

    Source: Hong Kong Government special administrative region

    CE meets Chief Executive of Macao SAR (with photos/video)
    CE meets Chief Executive of Macao SAR (with photos/video)
    *********************************************************

         The Chief Executive, Mr John Lee, met with the Chief Executive of the Macao Special Administrative Region (SAR), Mr Sam Hou-fai, at Government House today (February 14) to exchange views on further promoting Hong Kong’s co-operation with Macao and the high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Also attending the meeting were the Chief Secretary for Administration, Mr Chan Kwok-ki; the Financial Secretary, Mr Paul Chan; the Secretary for Constitutional and Mainland Affairs, Mr Erick Tsang Kwok-wai; the Secretary for Innovation, Technology and Industry, Professor Sun Dong; the Secretary for Transport and Logistics, Ms Mable Chan; the Secretary for Culture, Sports and Tourism, Miss Rosanna Law; and the Director of the Chief Executive’s Office, Ms Carol Yip.           Mr Lee welcomed Mr Sam and his delegation to Hong Kong. Noting that Hong Kong and Macao are the country’s special administrative regions that enjoy distinctive advantages under the “one country, two systems” principle, Mr Lee said that the two cities are as close as brothers, with frequent people-to-people and cultural exchanges, alongside solid economic and trade relations. He noted that the “one country, two systems” principle is a good policy for maintaining the long-term prosperity and stability of Hong Kong and Macao. Hong Kong will continue to firmly uphold the principle of “one country” and leverage the benefits of “two systems” with Macao. He also noted that Hong Kong and Macao, both of which are core cities of the GBA, can achieve complementarity and participate in and promote the development of the GBA together, benefiting the people of both cities with the fruits of economic development.           Mr Lee said that Hong Kong and Macao have been working closely in such areas as economy, cross-boundary infrastructure, tourism and trade. The Hong Kong-Zhuhai-Macao Bridge (HZMB), has remarkably shortened the distance between Hong Kong and Macao, promoting closer communication and connections between the two cities. The Hong Kong Special Administrative Region (HKSAR) Government has long provided dedicated support to the cross-boundary transportation arrangements and measures of the HZMB to maximise the economic and transport benefits of the bridge. Besides, the “Mutual Use of QR Code between HKSAR and Macao SAR Clearance Service”, jointly launched by the HKSAR Government and the Macao SAR Government in July last year, provides a faster and more convenient immigration experience for residents of both cities and further facilitates their exchanges.           In promoting tourism, Mr Lee said that Hong Kong and Macao will work together to expand the market of twin-destination tourism of the two cities. Hong Kong will collaborate with other cities in the GBA, including Macao, to establish a regional and international tourism brand.           Mr Lee also welcomed Mr Sam’s visit earlier today to the Centre for Chinese Herbal Medicine Drug Development at Hong Kong Science Park and the Hong Kong Palace Museum to learn more about the research and development of traditional Chinese medicine and cultural tourism in Hong Kong. Mr Lee said he looks forward to working with Mr Sam in further enhancing exchanges and co-operation between Hong Kong and Macao in various aspects.

     
    Ends/Friday, February 14, 2025Issued at HKT 18:48

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: India Post Payments Bank Empowers Devotees at Mahakumbh 2025 with Seamless Banking Services

    Source: Government of India (2)

    India Post Payments Bank Empowers Devotees at Mahakumbh 2025 with Seamless Banking Services

    IPPB playing a pivotal role in providing digital banking services to all pilgrims at Mahakumbh 2025

    IPPB has established service counters, mobile banking units, and customer assistance kiosks at 5 key locations throughout Mahakumbh

    Posted On: 14 FEB 2025 4:04PM by PIB Delhi

    India Post Payments Bank (IPPB), a Government of India undertaking, is proud of its pivotal role in providing seamless digital banking services to millions of devotees and pilgrims at Mahakumbh 2025, Prayagraj. As the world’s largest spiritual gathering, Mahakumbh attracts people from all walks of life. IPPB, with its customer-centric approach, is enabling access to comprehensive banking services for all, ensuring convenience, safety and security of financial transactions. IPPB has established service counters, mobile banking units, and customer assistance kiosks at 5 key locations throughout Mahakumbh. These facilities are designed to handle high footfalls efficiently.

    On IPPB’s ongoing initiative at the Mahakumbh, Mr. R. Viswesvaran, MD & CEO-IPPB, said “We at India Post Payments Bank are honoured to provide our seamless banking services on the sacred grounds of Mahakumbh 2025, Prayagraj. It fills me with great joy to witness the immaculate integration of banking services with one of the world’s largest and most revered spiritual gatherings. We take immense pride in our role as a catalyst for digital transformation, empowering the  devotees at Prayagraj with our effortless banking services. This initiative is a testament to our commitment to serving all, ensuring that financial accessibility is no longer only for a select few but available to all during this transformative spiritual journey.”

    Additionally, IPPB’s trusted Daak Sevaks are providing doorstep banking services. They are ensuring that devotees can access essential financial support like Cash Withdrawal from any of their Aadhaar linked Bank Account through IPPB’s Aadhaar ATM (AePS) service without disruption by reaching at their precise location. The devotees can utilise the ‘Banking at Call’ facility by IPPB to procure desired line of services wherever they are within the Mahakumbh grounds. They can simply dial 7458025511 to access multitude of banking requirements at their disposal.

    In line with the Government of India’s Digital India vision, IPPB is also empowering local vendors, small businesses, and service providers at Mahakumbh by enabling them to accept digital payments through its DakPay QR Cards. This initiative fosters a cashless ecosystem, reducing dependency on cash and enhancing overall efficiency in transactions.

    Further, to ensure maximum outreach, IPPB has launched awareness campaigns at Mahakumbh to educate pilgrims and vendors about its services. Trained professionals and Daak Sevaks are stationed at key locations to assist with account openings, transactions, and resolving queries. Information hoardings and digital demonstrations are also being utilised to familiarize attendees with IPPB’s offerings. It is also offering free printed photograph to every visitor as a memorabilia to be carried back to their homes.

    About India Post Payments Bank

    India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising ~1,65,000 Post Offices (~140,000 in rural areas) and ~3,00,000 Postal employees.

    IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages to 11 Crore customers across 5.57 lakh villages & towns in India.

    IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto stands true – Every customer is important, every transaction is significant and every deposit is valuable.

    Reach us at:

    www.ippbonline.com marketing@ippbonline.in

    Social Media Handles:

    Twitter – https://twitter.com/IPPBOnline

    Instagram – https://www.instagram.com/ippbonline

    LinkedIn – https://www.linkedin.com/company/indiapostpaymentsbank

    Facebook – https://www.facebook.com/ippbonline

    Koo – https://www.kooapp.com/profile/ippbonline

    YouTube- https://www.youtube.com/@IndiaPostPaymentsBank

    ***

    Samrat/ Dheeraj/ Allen : pibcomm[at]gmail[dot]com

    (Release ID: 2103221) Visitor Counter : 29

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Home and Youth Affairs Bureau holds training for members of District Councils (with photos)

    Source: Hong Kong Government special administrative region

    Home and Youth Affairs Bureau holds training for members of District Councils (with photos)
    Home and Youth Affairs Bureau holds training for members of District Councils (with photos)
    ******************************************************************************************

         ​The Home and Youth Affairs Bureau (HYAB) held a training session for members of the District Councils (DCs) at the Central Government Offices today (February 14) to review with DC members their experiences in serving the districts in the first year of taking office and to share insights into the upcoming challenges in district governance work, so that DC members could better plan district work for the coming year.           The Secretary for Home and Youth Affairs, Miss Alice Mak, expressed at the training that the Hong Kong Special Administrative Region (HKSAR) Government fully recognised the performance of the seventh-term DC members’ work since they took office. The reforms to the district governance system in 2023 were an important initiative of reform and innovation by the Government. Under the new system, district governance work had been carried out with enhanced speed and efficiency in the past year. The DCs not only assisted the Government in listening to public views, understanding public sentiments and providing advice on community development but also worked with the District Services and Community Care Teams, district organisations and groups to serve the people and resolve the livelihood issues they faced. Miss Mak encouraged DC members to utilise their district networks to provide better services to the people and assist the HKSAR Government in policy implementation.           Miss Mak shared with DC members the upcoming challenges in district governance work. She highlighted that the people’s desires for a better life have grown with community development. She reminded DC members to continue ensuring effective communication between the Government and the people by serving as a bridge between the two and to adopt new thinking and methods to reach out to and serving more people, thereby building a better and harmonious community together.           Miss Mak said that DC members are charged with the important responsibility of enhancing district governance. She had three expectations for them, namely, to carry out solid district work to continuously enhance people’s sense of achievement and satisfaction; to carry out district youth work to encourage young people to participate more in community affairs and help them realise their dreams; and to continue assisting in organising community involvement activities to create a buoyant mood in the community that supports the district economy. Miss Mak emphasised the important and long-term responsibilities of DC members and expressed hope that they would be bold in innovating, dare to break new ground, press on to reach out and serve more people in innovative ways, and always be visible and helpful.           The HYAB will continue to arrange different trainings and visits to enhance the DC members’ capabilities in discharging their duties and improve the efficacy of district governance to deliver tangible benefits for the people.

     
    Ends/Friday, February 14, 2025Issued at HKT 17:17

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Appointments to Advisory Committee on Built Heritage Conservation announced

    Source: Hong Kong Government special administrative region

    Appointments to Advisory Committee on Built Heritage Conservation announced
    Appointments to Advisory Committee on Built Heritage Conservation announced
    ***************************************************************************

         The Development Bureau (DEVB) announced today (February 14) the appointment of Professor Douglas So Cheung-tak as the Chairman of the Advisory Committee on Built Heritage Conservation (ACBHC), as well as the appointment of six new members and the reappointment of 11 incumbent members for a two-year term until December 31, 2026.           The Secretary for Development, Ms Bernadette Linn, said, “The ACBHC is an important advisory body, providing invaluable advice on built heritage conservation to the DEVB. I am confident that with his extensive experience as the Chairman of the Antiquities Advisory Board during the past six years, Professor So will capably lead the work of the ACBHC. I look forward to working closely with the Committee in taking forward various initiatives.           “I would also like to express my heartfelt gratitude to the outgoing Chairman, Professor Desmond Hui Cheuk-kuen, and seven outgoing non-official members, Professor Ching May-bo, Ms Winnie Chiu Wing-kwan, Ms Renee Hue Yi-yan, Dr Samantha Kong Wing-man, Mr Jeffrey Kwok Pak-wai, Ms Sharon Liu Chung-gay and Dr Chloe Suen Yin-wah for their dedicated service and significant contributions to the Committee.”           The ACBHC was established in 2016 to advise the Government on the operation of the Built Heritage Conservation Fund. The new term of the ACBHC comprises members from different fields and professions including architecture, historical research, social enterprise, engineering, surveying, town planning, heritage conservation, finance, business, public education as well as arts and culture.           The membership of the new term of the ACBHC is set out below: Chairman————Professor Douglas So Cheung-tak*   Non-official members—————————Mr David Chak Wing-pongMr Joel Chan Cho-singMr Jason Cheung King-waiMs Dorothy Chow Yeuk-yu*Dr Fok Yeung-yeungMr Chris Lee Tsz-leungMr Li Man-hong*Ms Yanice Mak Wing-yanMr Francis Ngai Wah-singMs Clara Shek Ka-laiMs Karen Tang Shuk-takMs Anita Wan Wai-ling*Mr Ronald Wu Keng-hou*Miss Theresa Yeung Wing-shan*Ms Winnie Yip*Mr Plato Yip Kwong-toMr Yu Ka-sing Official members———————Commissioner for Heritage, Development BureauAssistant Director of Architectural Services (Property Services)Assistant Director of Leisure and Cultural Services (Heritage and Museums) * New members

     
    Ends/Friday, February 14, 2025Issued at HKT 15:00

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Minister of State Smt. Savitri Thakur meets Jamaican team led by Ms. Dione Jennings, Permanent Secretary of the Ministry of Labour and Social Security at New York

    Source: Government of India (2)

    Minister of State Smt. Savitri Thakur meets Jamaican team led by Ms. Dione Jennings, Permanent Secretary of the Ministry of Labour and Social Security at New York

    Key focus areas of discussions included various digital interventions strengthening social protection

    India delegation also has discussions with Zambia on use of Poshan tracker

    Smt. Thakur joins celebration of Word Hindi Day held in the premises of the Permanent Mission of India

    Posted On: 14 FEB 2025 12:15PM by PIB Delhi

    A high-level bilateral discussion took place at New York after the 63rd session of the Commission for Social Development meeting between the Indian delegation headed by Minister of State for Women and Child Development Smt. Savitri Thakur and the Jamaican team, led by Ms. Dione Jennings, Permanent Secretary of the Ministry of Labour and Social Security. The meeting sought to explore collaboration in digitization and the use of technology to enhance social protection systems.

          

    During the discussions, key focus areas included various digital interventions being carried out by India in financial inclusion, DBT , old age pension, etc and the role of technology, which can play an instrumental role in development. The focus of the discussion was Poshan Tracker—India’s pioneering digital tool for monitoring and improving nutritional outcomes and ways in which similar technological innovations could support Jamaica’s social security framework. Both sides emphasized the importance of leveraging digital solutions to ensure efficient, transparent, and impactful service delivery in social welfare programs.

    India delegation also had discussions with Zambia on the use of Poshan tracker in monitoring social and nutritional outcomes across Anganwadi Centres in India 

       

    The meeting was then followed by Celebration of Word Hindi day held in the premises of the Permanent Mission of India (PMI) in New York, in the esteemed presence of the Ambassador of India Shri Parvathaneni Harish and other senior officers of the mission. The occasion underscored India’s commitment to cultural and linguistic exchange on the global stage.

    ****   

    SS/MS

    (Release ID: 2103135) Visitor Counter : 34

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: HKETO Jakarta celebrates Year of Snake in Manila (with photos)

    Source: Hong Kong Government special administrative region

    HKETO Jakarta celebrates Year of Snake in Manila (with photos)
    HKETO Jakarta celebrates Year of Snake in Manila (with photos)
    **************************************************************

         The Hong Kong Economic and Trade Office, Jakarta (HKETO Jakarta) hosted a business seminar and luncheon entitled Building a Stronger Future: The Synergistic Power of Fintech and Logistics in Manila, the Philippines, today (February 14) to celebrate the Year of the Snake. Some 200 guests from the local government, business, academic, cultural and media sectors attended the event.      In her welcome speech, the Director-General of the HKETO Jakarta, Miss Libera Cheng, noted that commercial and people-to-people ties between Hong Kong and the Philippines have continued to develop. Bilateral trade in goods amounted to US$13.9 billion last year, and Hong Kong was the fifth-largest trading partner and third-largest export market of the Philippines.      “The Philippines is Hong Kong’s largest source of tourist arrivals from the Association of Southeast Asian Nations (ASEAN). We welcomed close to 1.2 million Filipino visitors last year, far exceeding pre-pandemic levels. Hong Kong International Airport (HKIA) is connected to five major cities in the Philippines, not only enabling tourists to visit Hong Kong with ease, but also serving as an important international gateway to the Philippines. As we press ahead with the Skytopia airport city plan, HKIA will become a new world-leading commercial and logistics landmark.”      Miss Cheng added that fintech and logistics are the economic pillars of the future. Their synergistic power has driven the rapid growth of e-commerce and other sectors. In this regard, the Chief Executive introduced in his 2024 Policy Address a series of relevant measures, including expanding the geographical coverage of “E‑commerce Easy” under the Dedicated Fund on Branding, Upgrading and Domestic Sales to ASEAN countries, and holding the Hong Kong Shopping Festival in the ASEAN market in due course to help small and medium-sized enterprises tap into the local e‑commerce sales market.      “We also welcome Philippine enterprises to make use of various business-friendly measures, such as the reduction in the duty rate for liquor last year and the world-class gold storage facilities at HKIA, to fully leverage Hong Kong’s role as an international financial and trade centre.”      The Acting Deputy Director (Commercial Relations) of the HKETO Jakarta, Ms Ida Ho, moderated the subsequent panel discussion to explore with local industry leaders the latest developments of the relevant sectors and explore opportunities for co-operation between the two places.      Dignitaries attending the dinner included the Chinese Ambassador to the Philippines, Mr Huang Xilian; the Undersecretary of the Department of Trade and Industry of the Philippines, Ms Mary Jean Pacheco; the Mayor of Taguig, Ms Maria Laarni Lopez Cayetano; the Regional Director of South East Asia and South Asia of the Hong Kong Trade Development Council, Mr Ronald Ho; and senior representatives from major local business chambers.      The HKETO Jakarta will be hosting events in Malaysia in the coming two weeks to celebrate Chinese New Year. 

     
    Ends/Friday, February 14, 2025Issued at HKT 13:40

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Appointments to Committee on Financial Assistance for Family Members of those who Sacrifice their Lives to Save Others

    Source: Hong Kong Government special administrative region

    Appointments to Committee on Financial Assistance for Family Members of those who Sacrifice their Lives to Save Others
    Appointments to Committee on Financial Assistance for Family Members of those who Sacrifice their Lives to Save Others
    ******************************************************************************************

         The Government today (February 14) announced the reappointment of one incumbent member, as well as the appointments of three new members, namely Miss Dana Lau Sing-she, Ms Janus Lau Yuen-yee and Mr Solomon Yung Sze-hon, to the Committee on Financial Assistance for Family Members of those who Sacrifice their Lives to Save Others for a term of two years with effect from February 15, 2025.      The Secretary for Labour and Welfare, Mr Chris Sun, welcomed the appointments and said he looks forward to working closely with members of the Committee in the new term. Mr Sun also thanked the outgoing members, Miss Edna Chow On-lai, Mr Law King-shing and Ms Wong May-kwan, for their contributions to the Committee.        The Committee considers and approves applications under the Financial Assistance Scheme for Family Members of those who Sacrifice their Lives to Save Others. The Scheme represents the Government’s recognition of the brave acts and sacrifice undertaken by these individuals and seeks to alleviate the financial hardship that their family members may face as a consequence of their death.      The list of non-official members of the Committee in the new term is as follows:Miss Dana Lau Sing-sheMs Janus Lau Yuen-yeeMs Lee Sau-kingMr Solomon Yung Sze-hon

     
    Ends/Friday, February 14, 2025Issued at HKT 12:00

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: India – U.S. Joint Statement during the visit of Prime Minister of India to US

    Source: Government of India (2)

    Posted On: 14 FEB 2025 9:07AM by PIB Delhi

    The President of the United States of America, The Honorable Donald J. Trump hosted the Prime Minister of India, Shri Narendra Modi for an Official Working Visit in Washington, DC on February 13, 2025.

    As the leaders of sovereign and vibrant democracies that value freedom, the rule of law, human rights, and pluralism, President Trump and Prime Minister Modi reaffirmed the strength of the India-U.S. Comprehensive Global Strategic Partnership, anchored in mutual trust, shared interests, goodwill and robust engagement of their citizens.

    Today, President Trump and Prime Minister Modi launched a new initiative – the “U.S.-India COMPACT (Catalyzing Opportunities for Military Partnership, Accelerated Commerce & Technology) for the 21st Century” – to drive transformative change across key pillars of cooperation. Under this initiative, they committed to a results-driven agenda with initial outcomes this year to demonstrate the level of trust for a mutually beneficial partnership.

    Defense

    Highlighting the deepening convergence of U.S.-India strategic interests, the leaders reaffirmed their unwavering commitment to a dynamic defense partnership spanning multiple domains. To advance defense ties further, the leaders announced plans to sign this year a new ten-year Framework for the U.S.-India Major Defense Partnership in the 21st Century.

    The leaders welcomed the significant integration of U.S.-origin defense items into India’s inventory to date, including C‑130J Super Hercules, C‑17 Globemaster III, P‑8I Poseidon aircraft; CH‑47F Chinooks, MH‑60R Seahawks, and AH‑64E Apaches; Harpoon anti-ship missiles; M777 howitzers; and MQ‑9Bs. The leaders determined that the U.S. would expand defense sales and co-production with India to strengthen interoperability and defense industrial cooperation. They announced plans to pursue this year new procurements and co-production arrangements for “Javelin” Anti-Tank Guided Missiles and “Stryker” Infantry Combat Vehicles in India to rapidly meet India’s defense requirements. They also expect completion of procurement for six additional P-8I Maritime Patrol aircraft to enhance India’s maritime surveillance reach in the Indian Ocean Region following agreement on sale terms.

    Recognizing that India is a Major Defense Partner with Strategic Trade Authorization-1 (STA‑1) authorization and a key Quad partner, the U.S. and India will review their respective arms transfer regulations, including International Traffic in Arms Regulations (ITAR), in order to streamline defense trade, technology exchange and maintenance, spare supplies and in-country repair and overhaul of U.S.-provided defense systems. The leaders also called for opening negotiations this year for a Reciprocal Defense Procurement (RDP) agreement to better align their procurement systems and enable the reciprocal supply of defense goods and services. The leaders pledged to accelerate defense technology cooperation across space, air defense, missile, maritime and undersea technologies, with the U.S. announcing a review of its policy on releasing fifth generation fighters and undersea systems to India.

    Building on the U.S.-India Roadmap for Defense Industrial Cooperation and recognizing the rising importance of autonomous systems, the leaders announced a new initiative – the Autonomous Systems Industry Alliance (ASIA) – to scale industry partnerships and production in the Indo-Pacific. The leaders welcomed a new partnership between Anduril Industries and Mahindra Group on advanced autonomous technologies to co-develop and co-produce state-of-the-art maritime systems and advanced AI-enabled counter Unmanned Aerial System (UAS) to strengthen regional security, and between L3 Harris and Bharat Electronics for co-development of active towed array systems.

    The leaders also pledged to elevate military cooperation across all domains – air, land, sea, space, and cyberspace – through enhanced training, exercises, and operations, incorporating the latest technologies. The leaders welcomed the forthcoming “Tiger Triumph” tri-service exercise (first inaugurated in 2019) with larger scale and complexity to be hosted in India.

    Finally, the leaders committed to break new ground to support and sustain the overseas deployments of the U.S. and Indian militaries in the Indo-Pacific, including enhanced logistics and intelligence sharing, as well as arrangements to improve force mobility for joint humanitarian and disaster relief operations along with other exchanges and security cooperation engagements.

    Trade and Investment

    The leaders resolved to expand trade and investment to make their citizens more prosperous, nations stronger, economies more innovative and supply chains more resilient. They resolved to deepen the U.S.-India trade relationship to promote growth that ensures fairness, national security and job creation. To this end, the leaders set a bold new goal for bilateral trade – “Mission 500” – aiming to more than double total bilateral trade to $500 billion by 2030.

    Recognizing that this level of ambition would require new, fair-trade terms, the leaders announced plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall of 2025. The leaders committed to designate senior representatives to advance these negotiations and to ensure that the trade relationship fully reflects the aspirations of the COMPACT. To advance this innovative, wide-ranging BTA, the U.S. and India will take an integrated approach to strengthen and deepen bilateral trade across the goods and services sector, and will work towards increasing market access, reducing tariff and non-tariff barriers, and deepening supply chain integration.

    The leaders welcomed early steps to demonstrate mutual commitment to address bilateral trade barriers. The United States welcomed India’s recent measures to lower tariffs on U.S. products of interest in the areas of bourbon, motorcycles, ICT products and metals, as well as measures to enhance market access for U.S. agricultural products, like alfalfa hay and duck meat, and medical devices. India also expressed appreciation for U.S. measures taken to enhance exports of Indian mangoes and pomegranates to the United States. Both sides also pledged to collaborate to enhance bilateral trade by increasing U.S. exports of industrial goods to India and Indian exports of labor-intensive manufactured products to the United States. The two sides will also work together to increase trade in agricultural goods.

    Finally, the leaders committed to drive opportunities for U.S. and Indian companies to make greenfield investments in high-value industries in each other’s countries. In this regard, the leaders welcomed ongoing investments by Indian companies worth approximately $7.35 billion, such as those by Hindalco’s Novelis in finished aluminum goods at their state-of-the art facilities in Alabama and Kentucky; JSW in steel manufacturing operations at Texas and Ohio; Epsilon Advanced Materials in the manufacture of critical battery materials in North Carolina; and Jubilant Pharma in the manufacture of injectables in Washington. These investments support over 3,000 high-quality jobs for local families.

    Energy Security

    The leaders agreed that energy security is fundamental to economic growth, social well-being and technical innovation in both countries. They underscored the importance of U.S.-India collaboration to ensure energy affordability, reliability, and availability and stable energy markets. Realizing the consequential role of the U.S. and India, as leading producers and consumers, in driving the global energy landscape, the leaders re-committed to the U.S.-India Energy Security Partnership, including in oil, gas, and civil nuclear energy.

    The leaders underscored the importance of enhancing the production of hydrocarbons to ensure better global energy prices and secure affordable and reliable energy access for their citizens. The leaders also underscored the value of strategic petroleum reserves to preserve economic stability during crises and resolved to work with key partners to expand strategic oil reserve arrangements. In this context, the U.S. side affirmed its firm support for India to join the International Energy Agency as a full member.

    The leaders reaffirmed their commitment to increase energy trade, as part of efforts to ensure energy security, and to establish the United States as a leading supplier of crude oil and petroleum products and liquified natural gas to India, in line with the growing needs and priorities of our dynamic economies. They underscored the tremendous scope and opportunity to increase trade in the hydrocarbon sector including natural gas, ethane and petroleum products as part of efforts to ensure supply diversification and energy security. The leaders committed to enhance investments, particularly in oil and gas infrastructure, and facilitate greater cooperation between the energy companies of the two countries.

    The leaders announced their commitment to fully realize the U.S.-India 123 Civil Nuclear Agreement by moving forward with plans to work together to build U.S.-designed nuclear reactors in India through large scale localization and possible technology transfer. Both sides welcomed the recent Budget announcement by Government of India to take up amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act (CLNDA) for nuclear reactors, and further decided to establish bilateral arrangements in accordance with CLNDA, that would address the issue of civil liability and facilitate the collaboration of Indian and U.S. industry in the production and deployment of nuclear reactors. This path forward will unlock plans to build large U.S.-designed reactors and enable collaboration to develop, deploy and scale up nuclear power generation with advanced small modular reactors.

    Technology and Innovation

    The leaders announced the launch of the U.S.-India TRUST (“Transforming the Relationship Utilizing Strategic Technology”) initiative, which will catalyze government-to-government, academia and private sector collaboration to promote application of critical and emerging technologies in areas like defense, artificial intelligence, semiconductors, quantum, biotechnology, energy and space, while encouraging the use of verified technology vendors and ensuring sensitive technologies are protected.

    As a central pillar of the “TRUST” initiative, the leaders committed to work with U.S. and Indian private industry to put forward a U.S.-India Roadmap on Accelerating AI Infrastructure by the end of the year, identifying constraints to financing, building, powering, and connecting large-scale U.S.-origin AI infrastructure in India with milestones and future actions. The U.S. and India will work together to enable industry partnerships and investments in next generation data centers, cooperation on development and access to compute and processors for AI, for innovations in AI models and building AI applications for solving societal challenges while addressing the protections and controls necessary to protect these technologies and reduce regulatory barriers.

    The leaders announced the launch of INDUS Innovation, a new innovation bridge modeled after the successful INDUS-X platform, that will advance U.S.-India industry and academic partnerships and foster investments in space, energy, and other emerging technologies to maintain U.S. and India leadership in innovation and to meet the needs of the 21st century. The leaders also reinforced their commitment to the INDUS-X initiative, which facilities partnerships between U.S. and Indian defense companies, investors and universities to produce critical capability for our militaries, and welcomed the next summit in 2025.

    The leaders also committed, as part of the TRUST initiative, to build trusted and resilient supply chains, including for semiconductors, critical minerals, advanced materials and pharmaceuticals. As part of this effort, the leaders plan to encourage public and private investments to expand Indian manufacturing capacity, including in the U.S., for active pharmaceutical ingredients for critical medicines. These investments will create good jobs, diversify vital supply chains, and reduce the risk of life-saving drug shortages in both the United States and India.

    Recognizing the strategic importance of critical minerals for emerging technologies and advanced manufacturing, India and the United States will accelerate collaboration in research and development and promote investment across the entire critical mineral value chain, as well as through the Mineral Security Partnership, of which both the United States and India are members. Both countries have committed to intensifying efforts to deepen cooperation in the exploration, beneficiation, and processing as well as recycling technologies of critical minerals. To this end, the leaders announced the launch of the Strategic Mineral Recovery initiative, a new U.S.-India program to recover and process critical minerals (including lithium, cobalt, and rare earths) from heavy industries like aluminum, coal mining and oil and gas.

    The leaders hailed 2025 as a pioneering year for U.S.-India civil space cooperation, with plans for a NASA-ISRO effort through AXIOM to bring the first Indian astronaut to the International Space Station (ISS), and early launch of the joint “NISAR” mission, the first of its kind to systematically map changes to the Earth’s surface using dual radars. The leaders called for more collaboration in space exploration, including on long duration human spaceflight missions, spaceflight safety and sharing of expertise and professional exchanges in emerging areas, including planetary protection. The leaders committed to further commercial space collaboration through industry engagements in conventional and emerging areas, such as connectivity, advanced spaceflight, satellite and space launch systems, space sustainability, space tourism and advanced space manufacturing.

    The leaders underscored the value of deepening ties between the U.S. and Indian scientific research communities, announcing a new partnership between the U.S. National Science Foundation and the Indian Anusandhan National Research Foundation in researching critical and emerging technologies. This partnership builds on ongoing collaboration between the U.S. National Science Foundation and several Indian science agencies to enable joint research in the areas of semiconductors, connected vehicles, machine learning, next-generation telecommunications, intelligent transportation systems, and future biomanufacturing.

    The leaders determined that their governments redouble efforts to address export controls, enhance high technology commerce, and reduce barriers to technology transfer between our two countries, while addressing technology security. The leaders also resolved to work together to counter the common challenge of unfair practices in export controls by third parties seeking to exploit overconcentration of critical supply chains.

    Multilateral Cooperation

    The leaders reaffirmed that a close partnership between the U.S. and India is central to a free, open, peaceful and prosperous Indo-Pacific region. As Quad partners, the leaders reiterated that this partnership is underpinned by the recognition of ASEAN centrality; adherence to international law and good governance; support for safety and freedom of navigation, overflight and other lawful uses of the seas; and unimpeded lawful commerce; and advocacy for peaceful resolution of maritime disputes in accordance with international law.

    Prime Minister Modi looks forward to hosting President Trump in New Delhi for the Quad leaders’ Summit, ahead of which the leaders will activate new Quad initiatives on shared airlift capacity to support civilian response to natural disasters and maritime patrols to improve interoperability.

    The leaders resolved to increase cooperation, enhance diplomatic consultations, and increase tangible collaboration with partners in the Middle East. They highlighted the importance of investing in critical infrastructure and economic corridors to advancing peace and security in the region. The leaders plan to convene partners from the India-Middle East-Europe Corridor and the I2U2 Group within the next six months in order to announce new initiatives in 2025.

    The US appreciates India’s role as a developmental, humanitarian assistance and net security provider in the Indian Ocean Region. In this context, the leaders committed to deepen bilateral dialogue and cooperation across the vast Indian Ocean region and launched the Indian Ocean Strategic Venture, a new bilateral, whole-of-government forum to advance coordinated investments in economic connectivity and commerce. Supporting greater Indian Ocean connectivity, the leaders also welcomed Meta’s announcement of a multi-billion, multi-year investment in an undersea cable project that will begin work this year and ultimately stretch over 50,000 km to connect five continents and strengthen global digital highways in the Indian Ocean region and beyond. India intends to invest in maintenance, repair and financing of undersea cables in the Indian Ocean, using trusted vendors.

    The leaders recognized the need to build new plurilateral anchor partnerships in the Western Indian Ocean, Middle East, and Indo-Pacific to grow relationships, commerce and cooperation across defense, technology, energy and critical minerals. The leaders expect to announce new partnership initiatives across these sub-regions by fall of 2025.

    The leaders also resolved to advance military cooperation in multinational settings to advance global peace and security. The leaders applauded India’s decision to take on a future leadership role in the Combined Maritime Forces naval task force to help secure sea lanes in the Arabian Sea.

    The leaders reaffirmed that the global scourge of terrorism must be fought and terrorist safe havens eliminated from every corner of the world. They committed to strengthen cooperation against terrorist threats from groups, including Al-Qa’ida, ISIS, Jaish-e Mohammad, and Lashkar-e-Tayyiba in order to prevent heinous acts like the attacks in Mumbai on 26/11 and the Abbey Gate bombing in Afghanistan on August 26, 2021. Recognizing a shared desire to bring to justice those who would harm our citizens, the U.S. announced that the extradition to India of Tahawwur Rana has been approved. The leaders further called on Pakistan to expeditiously bring to justice the perpetrators of the 26/11 Mumbai, and Pathankot attacks and ensure that its territory is not used to carry out cross-border terrorist attacks. The leaders also pledged to work together to prevent proliferation of weapons of mass destruction and their delivery systems and to deny access to such weapons by terrorists and non-state actors.

    People to People Cooperation

    President Trump and Prime Minister Modi noted the importance of advancing the people-to-people ties between the two countries. In this context, they noted that the more than 300,000 strong Indian student community contributes over $8 billion annually to the U.S. economy and helped create a number of direct and indirect jobs. They recognized that the talent flow and movement of students, researchers and employees, has mutually benefitted both countries. Recognizing the importance of international academic collaborations in fostering innovation, improving learning outcomes and development of a future-ready workforce, both leaders resolved to strengthen collaborations between the higher education institutions through efforts such as joint/dual degree and twinning programs, establishing joint Centers of Excellence, and setting up of offshore campuses of premier educational institutions of the U.S. in India.

    Both leaders emphasized that the evolution of the world into a global workplace calls for putting in place innovative, mutually advantageous and secure mobility frameworks. In this regard, the leaders committed to streamlining avenues for legal mobility of students and professionals, and facilitating short-term tourist and business travel, while also aggressively addressing illegal immigration and human trafficking by taking strong action against bad actors, criminal facilitators, and illegal immigration networks to promote mutual security for both countries.

    The leaders also committed to strengthen law enforcement cooperation to take decisive action against illegal immigration networks, organized crime syndicates, including narco-terrorists human and arms traffickers, as well as other elements who threaten public and diplomatic safety and security, and the sovereignty and territorial integrity of both nations.

    President Trump and Prime Minister Modi pledged to sustain high-level engagement between our governments, industries, and academic institutions and realize their ambitious vision for an enduring India-U.S. partnership that advances the aspirations of our people for a bright and prosperous future, serves the global good, and contributes to a free and open Indo-Pacific.

     

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    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Highlights – Presentation of the MFF draft report – 19.02.2025 – Committee on Budgets

    Source: European Parliament

    The co-rapporteurs for the next EU long term budget (multiannual financial framework – MFF), Siegfried Mureșan and Carla Tavares, will present their draft own initiative report ‘A revamped long-term budget for the Union in a changing world’.

    The report stresses the need for a long-term budget with renewed spending focus. The next MFF should be simpler, more transparent, as well as more flexible and responsive to crises and shocks. It should also be properly resourced, sustainably financed and grounded in close interinstitutional cooperation.

    The report intends to shape Parliament’s vision on how the post-2027 MFF should be designed and resourced ahead of the Commission proposals in July 2025.

    MIL OSI Europe News

  • MIL-OSI Europe: EIB and One World Media strengthen partnership championing women-led solutions

    Source: European Investment Bank

    • EIB supports Women’s Solutions Reporting award
    • Celebrating stories of girls and women tackling global challenges
    • Winner to be announced in June 2025

    One World Media (OWM) and the European Investment Bank (EIB) are proud to continue their partnership for the fifth consecutive year, through the Women’s Solutions Reporting Award. This award is one of 13 that recognise outstanding media coverage from and about the global south. The OWM Awards celebrate journalism and filmmaking that challenge stereotypes, reshape narratives, and deepen understanding.

    The Women’s Solutions Reporting Award highlights the transformative role of women in addressing global challenges, from advancing financial inclusion and climate action to improving healthcare and education. By amplifying these initiatives, the award aims to inspire action and highlight how women are shaping a more sustainable and equitable future.

    One World Media’s Director Vivienne Francis said: “At a time when the rights and freedoms of women and girls around the world continue to be at risk, the One World Media Awards are proud to support storytelling that ensures these issues get the attention they deserve. These stories serve as a reminder of the power of journalism to transform lives and ignite social change.”

    Margaret Carroll, acting Head of the EIB Social Policy Unit, who will be one of the judges of the Women’s Solutions Reporting Award, said: “We are thrilled to support this important award once again with OWM. It reflects our deep commitment to gender equality and women’s economic empowerment. Each year, this award brings to light compelling stories of innovation and resilience that drive meaningful change—stories that are especially needed in today’s world.”

    With the 2025 One World Media Awards winners set to be announced in June, we look forward to celebrating the impactful stories of the many women making a difference and inspiring future generations of female leaders.

    The 13 OWM Award categories are as follows:

    • Current Affairs Award
    • Environmental Reporting
    • Feature Documentary Award
    • Innovative Storytelling Award
    • Journalist of the Year Award
    • News Award
    • Podcast & Radio Award
    • Print Award
    • Refugee Reporting Award
    • Short Documentary Award
    • Student Award
    • Press Freedom Award
    • Women’s Solutions Reporting Award

    About One World Media

    One World Media is a non-profit organisation in the United Kingdom that supports journalists and filmmakers covering stories about the global south. For more than three decades, the organisation has worked with partners in the United Kingdom and around the world to strengthen international journalism and promote media coverage of global issues. The One World Media Awards will look for entries that show relevance, originality and creativity, substance and accuracy, impact and reach, diversity and quality.

    About the European Investment Bank

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances investments that contribute towards EU policy goals. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    To enhance the positive impact of its activities on gender equality and empower women and girls, the EIB Group adopted a Strategy on Gender Equality and Women’s Economic Empowerment and a Gender Action Plan, with the aim of embedding gender equality and in particular women’s economic empowerment in the EIB’s business model. It covers its lending, blending and advisory work within and outside the European Union. The EIB Group is also committed to driving gender equality in the workplace.

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Just Transition Fund – P-000662/2025

    Source: European Parliament

    Priority question for written answer  P-000662/2025
    to the Council
    Rule 144
    Marcin Sypniewski (ESN)

    In light of the start of work on the MFF for the next programming period, I would like to inquire about the fate of the Just Transition Fund. Decarbonisation affects many regions in Europe, including Poland, and especially Silesia.

    In this connection:

    • 1.At the current stage of work, is the continued existence of the Just Transition Fund in the new MFF being questioned, and will it retain its current character, i.e. as a separate fund under cohesion policy?
    • 2.At the current stage of work, is the Fund intended as a measure exclusively for regions with a coal-based economy, or is an expansion of its scope envisaged?
    • 3.Please present the current assumptions for the Fund and a timetable for further work.

    Submitted: 12.2.2025

    Last updated: 14 February 2025

    MIL OSI Europe News

  • MIL-OSI: TC Energy reports solid fourth quarter 2024 operating and financial results

    Source: GlobeNewswire (MIL-OSI)

    Southeast Gateway pipeline project achieves mechanical completion
    Increases common share dividend for the twenty-fifth consecutive year

    CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its fourth quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “Our strategic priorities that emphasize safety, operational excellence and project execution continue to deliver solid growth, low risk and repeatable performance. For the full year 2024, comparable EBITDA1 from continuing operations increased approximately six per cent, and segmented earnings from continuing operations increased approximately 56 per cent compared to 2023.” Poirier continued, “Reaching mechanical completion 13 per cent under budget on the Southeast Gateway pipeline project is a monumental milestone for the company and for Mexico, and a testament to our unwavering focus on project execution. We remain aligned with the CFE on achieving a May 1, 2025 in-service date, which will mark a material inflection point for TC Energy; providing Southeast Mexico with access to safe, reliable and affordable energy. Driven by our consistently strong performance, TC Energy’s Board of Directors approved a quarterly dividend increase of 3.3 per cent for the quarter ending March 31, 2025, equivalent to $3.40 per common share on an annualized basis. The increase in quarterly dividend is based on TC Energy’s proportionate allocation of the dividend post-spin, and represents our twenty-fifth consecutive year of dividend growth.”

    Financial Highlights
    (All financial figures are unaudited and in Canadian dollars unless otherwise noted)

    • Following the spinoff of our Liquids Pipelines business into South Bow on October 1, 2024, Liquids Pipelines results are reported as a discontinued operation
    • Fourth quarter 2024 financial results from continuing operations:
      • Comparable earnings1 of $1.1 billion or $1.05 per common share1 compared to $1.2 billion or $1.15 per common share in fourth quarter 2023
      • Net income attributable to common shares of $1.1 billion or $1.03 per common share compared to net income attributable to common shares of $1.2 billion or net income per common share of $1.20 in fourth quarter 2023
      • Comparable EBITDA of $2.6 billion compared to $2.7 billion in fourth quarter 2023
      • Segmented earnings of $1.9 billion compared to $2.0 billion in fourth quarter 2023
    • Year ended December 31, 2024 financial results from continuing operations:
      • Comparable EBITDA of $10.0 billion compared to $9.5 billion in 2023
      • Segmented earnings of $8.0 billion compared to $5.1 billion in 2023
    • Year ended December 31, 2024 financial results including a nine-month contribution from the Liquids Pipelines business:
      • 2024 comparable earnings of $4.4 billion or $4.27 per common share compared to $4.7 billion or $4.52 per common share in 2023
      • Net income attributable to common shares of $4.6 billion or $4.43 per common share compared to $2.8 billion or $2.75 per common share in 2023
      • Comparable EBITDA of $11.2 billion compared to $11.0 billion in 2023
      • Segmented earnings of $8.7 billion compared to $6.1 billion in 2023
    • TC Energy’s Board of Directors approved a 3.3 per cent increase in the quarterly common share dividend to $0.85 per common share for the quarter ending March 31, 2025, equivalent to $3.40 per common share on an annualized basis. The increase in quarterly dividend is based on TC Energy’s proportionate allocation of the dividend post-spin
    • 2025 outlook for continuing operations:
      • Comparable EBITDA outlook for 2025 continuing operations is expected to be $10.7 to $10.9 billion, driven by new projects anticipated to be placed in service in 2025, including the Southeast Gateway pipeline, along with the full year contribution from projects placed in service in 2024, higher contributions from the NGTL System resulting from the five-year negotiated revenue requirement settlement, partially offset by reduced generation from Bruce Power due to the commencement of the Unit 4 Major Component Replacement (MCR)
      • Comparable earnings per common share (EPS) for 2025 for continuing operations is expected to be lower than 2024 comparable EPS from continuing operations due to the net impact of an increase in comparable EBITDA, lower AFUDC related to the Southeast Gateway pipeline expected to be placed in service on May 1, 2025, lower interest income as a result of lower cash balances and lower interest rates, increased depreciation rates on the NGTL System related to the five-year negotiated revenue requirement settlement, higher effective tax rates and reduced capitalized interest due to the Coastal GasLink pipeline commercial in-service
      • Capital expenditures are expected to be $6.1 to $6.6 billion, on a gross basis, or $5.5 to $6.0 billion of net capital expenditures2 after considering capital expenditures attributable to non-controlling interests of entities we control.

    Operational Highlights

    • Canadian Natural Gas Pipelines deliveries averaged 25.6 Bcf/d, up seven per cent compared to fourth quarter 2023
      • Total NGTL System deliveries set a new record of 17.7 Bcf on February 9, 2025
      • Canadian Mainline fourth quarter deliveries averaged 6.3 Bcf/d, up 11 per cent compared to fourth quarter 2023
    • U.S. Natural Gas Pipelines daily average flows were 27.0 Bcf/d
      • U.S. Natural Gas Pipelines set a new all-time record of 37.9 Bcf on January 20, 2025
      • ANR set a new all-time record of 10.0 Bcf on January 20, 2025
    • Mexico Natural Gas Pipelines flows averaged 2.7 Bcf/d
      • Sur de Texas pipeline set a single-day flow record above 1.7 Bcf/d on November 20, 2024 highlighting its importance as a key import route for U.S. natural gas production into Mexico
    • Bruce Power achieved 99 per cent availability in fourth quarter 2024
    • Cogeneration power plant fleet achieved 98 per cent availability in fourth quarter 2024, attributed to fewer forced outages and successful completion of planned outages.

    Project Highlights

    • Completed the successful spinoff of the Liquids Pipelines business (the Spinoff Transaction) on October 1, 2024
    • Achieved mechanical completion of the Southeast Gateway pipeline project on January 20, 2025. We continue to be aligned with the CFE on finalizing the remaining project completion activities for achieving a May 1, 2025 in-service date
    • Declared commercial in-service of the Coastal GasLink pipeline in November 2024, allowing for the collection of tolls from customers retroactive to October 1, 2024
    • Approved the Pulaski and Maysville projects on our Columbia Gulf System. These mainline extension projects off Columbia Gulf will facilitate full coal-to-gas conversion at two existing power plants and are each expected to provide 0.2 Bcf/d of capacity for incremental gas-fired generation. The projects have anticipated in-service dates in 2029 and total estimated costs of US$0.7 billion
    • Approved the US$0.3 billion Southeast Virginia Energy Storage Project. This is an LNG peaking facility in southeast Virginia that will serve an existing LDC’s growing winter peak day load and mitigate its peak day pricing exposure, as well as increase operational flexibility on the Columbia Gas system. The project has an anticipated in-service date of 2030
    • Placed the US$0.1 billion GTN XPress project into service in December 2024
    • Bruce Power announced Stage 3a of Project 2030 which will provide incremental capacity of approximately 90 MW at the site. TC Energy’s share of the capital required is approximately $175 million. Bruce Power will not be requesting an incremental capital call for this stage. By optimizing its existing Units through this program, when complete, Project 2030 is expected to increase the Bruce Power site peak output to 7,000 MW. All of this output will be sold under Bruce Power’s long-term contract with the IESO
    • Removed Bruce Power’s Unit 4 from service on January 31, 2025 to commence its MCR program. The Unit 5 MCR final cost and schedule estimate was submitted to the IESO on January 31, 2025
    • TC Energy and prospective partners Saugeen Ojibway Nation will advance pre-development work on the Ontario Pumped Storage Project following the Ontario Government’s recent announcement on January 24, 2025 to invest up to $285 million to complete a detailed cost estimate and environmental assessments to determine the feasibility of the project.
      three months ended
    December 31
      year ended
    December 31
    (millions of $, except per share amounts) 2024     20231   2024   20231
                   
    Net income (loss) attributable to common shares 971     1,463   4,594   2,829
    from continuing operations 1,069     1,249   4,199   2,217
    from discontinued operations2 (98 )   214   395   612
                   
    Net income (loss) per common share – basic $0.94     $1.41   $4.43   $2.75
    from continuing operations $1.03     $1.20   $4.05   $2.15
    from discontinued operations2 ($0.09 )   $0.21   $0.38   $0.60
                   
    Comparable EBITDA3 2,619     3,107   11,194   10,988
    from continuing operations 2,619     2,715   10,049   9,472
    from discontinued operations2     392   1,145   1,516
                   
    Comparable earnings3 1,094     1,403   4,430   4,652
    from continuing operations 1,094     1,192   3,865   3,896
    from discontinued operations2     211   565   756
                   
    Comparable earnings per common share3 $1.05     $1.35   $4.27   $4.52
    from continuing operations $1.05     $1.15   $3.73   $3.78
    from discontinued operations2     $0.20   $0.54   $0.74
    1. Prior year results have been recast to reflect the split between continuing and discontinued operations.
    2. Represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section of this news release for additional information.
    3. For additional information on the most directly comparable GAAP measure, refer to the Non-GAAP measures section of this news release.
      three months ended
    December 31
      year ended
    December 31
    (millions of $, except per share amounts) 2024   2023     2024   2023  
                   
    Cash flows1              
    Net cash provided by operations2 2,084   1,860     7,696   7,268  
    Comparable funds generated from operations2,3 1,665   2,405     7,890   7,980  
    Capital spending4 2,307   2,985     7,904   12,298  
    Acquisitions, net of cash acquired   (5 )     (307 )
    Proceeds from sales of assets, net of transaction costs   33     791   33  
    Disposition of equity interest, net of transaction costs5   5,328     419   5,328  
                   
    Dividends declared              
    per common share6 $0.8225   $0.93     $3.7025   $3.72  
                   
    Basic common shares outstanding (millions)              
    – weighted average for the period 1,038   1,037     1,038   1,030  
    – issued and outstanding at end of period 1,039   1,037     1,039   1,037  
    1. Includes continuing and discontinued operations.
    2. Represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section of this news release for additional information.   
    3. Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable in similar measures presented by other companies. The most directly comparable GAAP measure is Net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP measures section of this news release.
    4. Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments net of Other distributions from equity investments of $3.1 billion in 2024 in the Canadian Natural Gas Pipelines segment. Refer to Note 7, Coastal GasLink in the Consolidated financial statements of our 2024 Annual Report and the Segmented information of our Condensed consolidated financial statements of this news release for additional information.
    5. Included in the Financing activities section of the Condensed consolidated statement of cash flows.
    6. Dividends declared in fourth quarter 2024 reflect TC Energy’s proportionate allocation following the Spinoff Transaction. Refer to the Discontinued operations section of this news release for additional information.
      three months ended
    December 31
      year ended
    December 31
    (millions of $, except per share amounts) 2024     20231     2024     20231  
                   
    Segmented earnings (losses) from continuing operations              
    Canadian Natural Gas Pipelines 506     692     2,016     (90 )
    U.S. Natural Gas Pipelines 918     955     4,053     3,531  
    Mexico Natural Gas Pipelines 214     150     929     796  
    Power and Energy Solutions 276     263     1,102     1,004  
    Corporate (16 )   (34 )   (136 )   (144 )
    Segmented earnings (losses) from continuing operations 1,898     2,026     7,964     5,097  
                   
    Comparable EBITDA from continuing operations              
    Canadian Natural Gas Pipelines 851     1,034     3,388     3,335  
    U.S. Natural Gas Pipelines 1,200     1,225     4,511     4,385  
    Mexico Natural Gas Pipelines 234     208     999     805  
    Power and Energy Solutions 341     266     1,214     1,020  
    Corporate (7 )   (18 )   (63 )   (73 )
    Comparable EBITDA from continuing operations 2,619     2,715     10,049     9,472  
                   
    Depreciation and amortization (639 )   (632 )   (2,535 )   (2,446 )
    Interest expense included in comparable earnings (836 )   (777 )   (3,176 )   (2,966 )
    Allowance for funds used during construction 233     132     784     575  
    Foreign exchange gains (losses), net included in comparable earnings (44 )   40     (85 )   118  
    Interest income and other 120     119     324     272  
    Income tax (expense) recovery included in comparable earnings (168 )   (253 )   (772 )   (890 )
    Net (income) loss attributable to non-controlling interests included in comparable earnings (163 )   (128 )   (620 )   (146 )
    Preferred share dividends (28 )   (24 )   (104 )   (93 )
    Comparable earnings from continuing operations 1,094     1,192     3,865     3,896  
    Comparable earnings per common share from continuing operations $1.05     $1.15     $3.73     $3.78  
    1. Prior year results have been recast to reflect continuing operations only.
      three months ended
    December 31
      year ended
    December 31
    (millions of $, except per share amounts) 2024     2023¹   20242     2023¹  
                   
    Segmented earnings (losses) from discontinued operations (109 )   301     716     1,039  
    Comparable EBITDA from discontinued operations     392     1,145     1,516  
    Depreciation and amortization     (85 )   (253 )   (332 )
    Interest expense included in comparable earnings3     (63 )   (176 )   (287 )
    Interest income and other included in comparable earnings4     2     3     6  
    Income tax (expense) recovery included in comparable earnings5     (35 )   (154 )   (147 )
    Comparable earnings from discontinued operations     211     565     756  
    Comparable earnings per common share from discontinued operations     $0.20     $0.54     $0.74  
    1. Prior year results have been recast to reflect the Liquids Pipelines business as a discontinued operation as a result of the Spinoff Transaction.
    2. Represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.
    3. Excludes pre-tax carrying charges of $5 million for the three months ended December 31, 2023 as a result of a charge related to the FERC Administrative Law Judge decision on Keystone in respect of a tolling-related complaint pertaining to amounts recognized in prior periods.
    4. Excludes pre-tax Liquids Pipelines business separation costs of $10 million related to insurance provisions for the three months ended December 31, 2024.
    5. Excludes the impact of income taxes related to the specified items mentioned above as well as a $14 million U.S. minimum tax recovery in fourth quarter 2023 on the Keystone XL asset impairment charge and other related to the termination of the Keystone XL pipeline project.

    CEO Message
    2024 has been a transformational year for TC Energy. Through maintaining focus on a clear set of strategic priorities, we have delivered on our commitments and solidified our position as an industry leading natural gas and power company. With the successful spinoff of our Liquids Pipelines business, significant progress towards our debt-to-EBITDA3 leverage targets, and achieving mechanical completion on Southeast Gateway, we are well positioned to capitalize on the unprecedented demand we are seeing in natural gas and power and energy solutions across Canada, the U.S. and Mexico. Building on our solid foundation, our strong operational and financial results in 2024 are a direct reflection of our best safety performance in five years that has driven the highest level of asset availability and reliability across our portfolio.

    Our priorities for 2025 are clear. We will continue to maximize the value of our assets through safety and operational excellence, execute our selective portfolio of growth projects and ensure financial strength and agility. We believe that our renewed focus on natural gas and power, and our portfolio of highly contracted assets gives us a strategic competitive advantage in the industry, enabling us to continue achieving solid growth, low risk and repeatable performance.

    TC Energy’s focus on project execution continues to deliver results. The Southeast Gateway pipeline project reached mechanical completion on January 20, 2025 with the final golden welds at Coatzacoalcos and Paraíso. The estimated final cost for the project is approximately US$3.9 billion, which is at the low end of our prior guidance of US$3.9 to US$4.1 billion and 13 per cent below our original cost estimate. We continue to be aligned with the CFE on finalizing the remaining project completion activities for achieving a May 1, 2025 in-service date. The Southeast Gateway project highlights the success of the CFE’s first public-private partnership with TC Energy. Bruce Power Unit 4 was removed from service on January 31, 2025 to commence its MCR program, with a return to service expected in 2028, and the Unit 3 MCR program continues to advance on plan for both cost and schedule. The Unit 5 MCR final cost and schedule estimate was submitted to the IESO on January 31, 2025. In 2024, approximately $7 billion of projects have been placed in service, including natural gas pipeline capacity projects along our extensive North American asset footprint, our share of equity contributions related to the Coastal GasLink pipeline, as well as progressing the Bruce Power life extension program. We continue to expect approximately $8.5 billion of projects to be placed in service in 2025, including the Southeast Gateway pipeline project.

    In November 2024, Coastal GasLink LP executed a commercial agreement with LNG Canada (LNGC) and LNGC Participants that declared commercial in-service for the pipeline, allowing for the collection of tolls from customers retroactive to October 1, 2024. In March 2022, we announced the signing of option agreements to sell up to a 10 per cent equity interest in Coastal GasLink LP to Indigenous communities across the project corridor, from our current 35 per cent equity ownership. The equity option is exercisable after commercial in-service of the Coastal GasLink pipeline, subject to customary regulatory approvals and consents, including the consent of LNGC. As a result of the commercial agreement with LNGC and LNGC Participants, which has allowed for an earlier commercial in-service than the LNGC plant, we are actively collaborating with the Indigenous communities to establish a mutually agreeable timeframe in which the option can be exercised.

    We continue to assess ongoing trade negotiations between the U.S., Canada and Mexico and potential impacts of proposed tariffs to our business and our customers. On February 3, 2025, a 30-day pause on potential tariffs was implemented which we believe will support increased engagement with North America’s leaders in order to reach an agreement that will benefit consumers across the continent. There is significant energy flow between the U.S., Canada and Mexico, including oil, gas, electricity, and uranium, making our energy markets highly interdependent. Our assets support this cross-border flow of natural gas to critical markets in the U.S. Northeast, Midwest and Pacific Northwest and we remain committed to providing competitive and reliable service to our customers on both sides of the border.

    Given 97 per cent of our comparable EBITDA is underpinned by regulated cost-of-service frameworks or take-or-pay negotiated contracts, we bear minimal commodity price or volumetric risk. As such, we do not anticipate any significant impact to our financial performance.

    The cost-of-service framework of our regulated Canadian Natural Gas Pipelines business, which transports natural gas to be exported to the U.S. by our shippers, provides TC Energy with protection in the event of higher cost and/or loss of volumes. Our Mexico Natural Gas Pipelines business primarily receives southern U.S. natural gas supply, transported for our customers for delivery into key demand markets in Mexico. We do not transport any natural gas from Mexico into the U.S. Our contracts in Mexico are U.S. dollar-denominated and based on long-term, take-or-pay agreements. In our Power and Energy Solutions business, our most significant contributor is Bruce Power, where more than 90 per cent of capital and resource costs are spent in Canada.

    We recognize prolonged tariffs could impact capital allocation decisions and we will allocate capital to the markets where the demand for energy continues to grow. We have the benefit of a diverse portfolio across three jurisdictions, along with opportunities in natural gas, nuclear and other power and energy solutions that provides flexibility in our capital allocation.

    Reinforced by the strength of our base business and the confidence in our future outlook, TC Energy’s Board of Directors approved a 3.3 per cent increase in the quarterly common share dividend to $0.85 per common share for the quarter ending March 31, 2025, equivalent to $3.40 per common share on an annualized basis. This is the twenty-fifth consecutive year the Board has raised the dividend.

    Teleconference and Webcast
    We will hold a teleconference and webcast on Friday, February 14, 2025 at 6:30 a.m. (MST) / 8:30 a.m. (EST) to discuss our fourth quarter 2024 financial results and Company developments. Presenters will include François Poirier, President and Chief Executive Officer; Sean O’Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.

    Members of the investment community and other interested parties are invited to participate by calling 1-844-763-8274 (Canada/U.S.) or 1-647-484-8814 (International). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.

    A live webcast of the teleconference will be available on TC Energy’s website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/13928. The webcast will be available for replay following the meeting.

    A replay of the teleconference will be available two hours after the conclusion of the call until midnight EST on February 21, 2025. Please call 1-855-669-9658 (Canada/U.S.) or 1-412-317-0088 (International) and enter passcode 6438166.

    The audited annual consolidated financial statements and Management’s Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at www.TCEnergy.com.

    Forward-Looking Information
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate” or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to Coastal GasLink and Southeast Gateway, including mechanical completion and expected in-service dates and related expected capital expenditures, expected comparable EBITDA and comparable earnings in total and per common share and the sources thereof, and targeted debt-to-EBITDA leverage metrics for 2025, expectations with respect to Indigenous investment, expectations with respect to Bruce Power, including Project 2030, expectations with respect to the approximate value of projects to be placed in-service in 2025, expectations with respect to our strategic priorities, including the expected impacts of the five-year negotiated revenue requirement settlement for the NGTL System, and the execution thereof, our sustainability commitments, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expected cost and schedules for planned projects, including projects under construction and in development and the associated capital expenditures, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver solid growth, low risk and repeatable performance, our expected net capital expenditures, including timing, and expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers. Our forward-looking information is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2024 Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the “Forward-looking information” section of our Report on Sustainability and our GHG Emissions Reduction Plan which are available on our website at www.TCEnergy.com.

    Non-GAAP and Supplementary Financial Measures
    This release contains references to the following non-GAAP measures: comparable EBITDA, comparable earnings, comparable earnings per common share and comparable funds generated from operations. It also contains references to debt-to-EBITDA, a non-GAAP ratio, which is calculated using adjusted debt and adjusted comparable EBITDA, each of which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment and the discontinued operations section for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section and the discontinued operations section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy’s profile.

    With respect to non-GAAP measures used in the calculation of debt-to-EBITDA, adjusted debt is defined as the sum of Reported total debt, including Notes payable, Long-term debt, Current portion of long-term debt and Junior subordinated notes, as reported on our Consolidated balance sheet as well as Operating lease liabilities recognized on our Consolidated balance sheet and 50 per cent of Preferred shares as reported on our Consolidated balance sheet due to the debt-like nature of their contractual and financial obligations, less Cash and cash equivalents as reported on our Consolidated balance sheet and 50 per cent of Junior subordinated notes as reported on our Consolidated balance sheet due to the equity-like nature of their contractual and financial obligations. Adjusted comparable EBITDA is calculated as the sum of comparable EBITDA from continuing operations and comparable EBITDA from discontinued operations excluding Operating lease costs recorded in Plant operating costs and other in our Consolidated statement of income and adjusted for Distributions received in excess of (income) loss from equity investments as reported in our Consolidated statement of cash flows which we believe is more reflective of the cash flows available to TC Energy to service our debt and other long-term commitments. We believe that debt-to-EBITDA provides investors with useful information as it reflects our ability to service our debt and other long-term commitments. See the Reconciliation section for reconciliations of adjusted debt and adjusted comparable EBITDA for the years ended December 31, 2022, 2023 and 2024.

    This release contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.

    Reconciliation
    The following is a reconciliation of adjusted debt and adjusted comparable EBITDAi.

      year ended December 31
    (millions of Canadian $) 2024     2023     2022  
               
    Reported total debt 59,366     63,201     58,300  
    Management adjustments:          
    Debt treatment of preferred sharesii 1,250     1,250     1,250  
    Equity treatment of junior subordinated notesiii (5,524 )   (5,144 )   (5,248 )
    Cash and cash equivalents (801 )   (3,678 )   (620 )
    Operating lease liabilities 511     457     430  
    Adjusted debt 54,802     56,086     54,112  
               
    Comparable EBITDA from continuing  operationsiv 10,049     9,472     8,483  
    Comparable EBITDA from discontinued operationsiv 1,145     1,516     1,418  
    Operating lease cost 117     105     95  
    Distributions received in excess of (income) loss from equity investments 67     (123 )   (29 )
    Adjusted Comparable EBITDA 11,378     10,970     9,967  
               
    Adjusted Debt/Adjusted Comparable EBITDAi 4.8     5.1     5.4  
    1. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ.
    2. 50 per cent debt treatment on $2.5 billion of preferred shares as of December 31, 2024.
    3. 50 per cent equity treatment on $11.0 billion of junior subordinated notes as of December 31, 2024. U.S. dollar-denominated notes translated at December 31, 2024, USD/CAD foreign exchange rate of 1.44.
    4. Comparable EBITDA from continuing operations and Comparable EBITDA from discontinued operations are non-GAAP financial measures. See the Forward-looking information and Non-GAAP measures sections in our 2024 Annual Report for more information. Comparable EBITDA from discontinued operations represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403.920.7859 or 800.608.7859

    Investor & Analyst Inquiries:        
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403.920.7911 or 800.361.6522

    Download full report here: https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2024/tce-2024-q4-quarterly-report.pdf

    ________________________
    1 Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release and are applicable to each of our continuing operations and discontinued operations. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP measures section of this news release.
    2 Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measures sections of this news release.
    3 Debt-to-EBITDA is a non-GAAP ratio. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to calculate debt-to-EBITDA. For more information on non-GAAP measures, refer to the non-GAAP measures of this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies.

    The MIL Network

  • MIL-OSI: TC Energy declares quarterly dividends

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) announced that its Board of Directors (Board) has declared a quarterly dividend of $0.85 per common share for the quarter ending March 31, 2025, on the Company’s outstanding common shares. The common share dividend is payable on April 30, 2025, to shareholders of record at the close of business on March 31, 2025.

    The Board also declared quarterly dividends on the outstanding Cumulative First Preferred Shares as follows:

    • For the period up to but excluding March 31, 2025, payable on March 31, 2025, to shareholders of record at the close of business on Feb. 28, 2025:
      • Series 1 (TRP.PR.A) – $0.3086875 per share
      • Series 2 (TRP.PR.F) – $0.3329282 per share
      • Series 3 (TRP.PR.B) – $0.105875 per share
      • Series 4 (TRP.PR.H) – $0.2934774 per share
    • For the period up to but excluding April 30, 2025, payable on April 30, 2025, to shareholders of record at the close of business on March 31, 2025:
      • Series 5 (TRP.PR.C) – $0.1218125 per share
      • Series 6 (TRP.PR.I) – $0.2889247 per share
      • Series 7 (TRP.PR.D) – $0.3740625 per share
      • Series 9 (TRP.PR.E) – $0.3175 per share
      • Series 10 (TRP.PR.L) – $0.3388562 per share

    These dividends are designated by TC Energy to be eligible dividends for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.

    Common shares purchased with reinvested cash dividends under TC Energy’s Dividend Reinvestment and Share Purchase Plan (DRP) will be acquired on the Toronto Stock Exchange at 100 per cent of the weighted average purchase price. The DRP is available for dividends payable on TC Energy’s common and preferred shares.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

    FORWARD-LOOKING INFORMATION
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

    -30-

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403-920-7859 or 800-608-7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403-920-7911 or 800-361-6522

    PDF Available: http://ml.globenewswire.com/Resource/Download/4540a2e7-8ab4-47f0-aab2-11d081301941

    The MIL Network